Morning Report Jun 11, 2024

NASDAQ (Price Jun 10, 2024: 17193)

Buy

Investors have paid higher prices over time to buy NASDAQ and the index is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the index has support at approximately 16400 points. The short term momentum of the index is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for NASDAQ. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Nifty 50 (Price Jun 10, 2024: 23259)

Buy

Nifty 50 is in a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the index has support at approximately 22000 points. Volume has previously been low at price tops and high at price bottoms. This weakens the rising trend and could be an early signal of a coming trend break. The index is overall assessed as technically positive for the medium long term.
Extended analysis

NYSE Composite (Price Jun 10, 2024: 18038)

Weak sell

NYSE Composite has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index is approacing resistance at 18300 points, which may give a negative reaction. However, a break upwards through 18300 points will be a positive signal. Volume has previously been low at price tops and high at price bottoms. This weakens the index. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The index is overall assessed as technically slightly negative for the medium long term.
Extended analysis

Shanghai Composite (Price Jun 10, 2024: 3028.05)

Sell

Shanghai Composite is in a falling trend channel in the medium long term. Falling trends indicate that the market experiences negative development and falling buy interest among investors. The index has broken down through support at points 3070. This predicts a further decline. In case of positive reactions, there will now be resistance at points 3070. The RSI curve shows a falling trend, which supports the negative trend. The index is overall assessed as technically negative for the medium long term.
Extended analysis

CAC (Price Jun 10, 2024: 7893.98)

Sell

CAC has broken through the floor of a rising trend channel in the medium long term. This indicates a slower rising rate at first, or the start of a more horizontal development. The index has broken a double top formation. A decisive break of the support at 7915 will signal a fall to 7622 or less. The index has marginally broken down through support at points 7900. An established break predicts a further decline. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The index is overall assessed as technically negative for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Jun 10, 2024: 18168)

Watch

Hong Kong - Hang Seng has broken through the ceiling of a falling trend channel in the medium long term. This indicates a slower falling rate initially, or the start of a more horizontal development. The index has met the objective at 19064 after a break of the inverse head and shoulders formation. The price has now fallen, but the formation indicates further rise. The index has support at points 17000 and resistance at points 19000. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

Wellington (Price Jun 10, 2024: 11785)

Watch

Wellington shows strong development within a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The price has reacted back after a break of the head and shoulders formation. There is resistance around 11824, which now opens good sales opportunities. A decisive break of this resistance will neutralize the negative signal. The index has support at points 11550 and resistance at points 11950. The index is overall assessed as technically neutral for the medium long term.
Extended analysis