Morning Report Jun 17, 2024

NASDAQ (Price Jun 14, 2024: 17689)

Buy

NASDAQ 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. RSI is above 70 after a good price increase the past weeks. The index has strong positive momentum and further increase is indicated. 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

Singapore - Straits Times (Price Jun 14, 2024: 3297.55)

Weak buy

Singapore - Straits Times is within an approximate horizontal trend channel in the medium long term, which indicates further development in the same direction. The index has given a positive signal from the inverse head and shoulders formation by a break up through the resistance at 3208. Further rise to 3403 or more is signaled. The index has support at points 3240 and resistance at points 3323. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis

Nikkei 225 (Price Jun 14, 2024: 38090)

Weak buy

Nikkei 225 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. However, the price has broken a support level in the short term and given a negative signal for the short term trading range. The index has support at points 33600 and resistance at points 40900. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis

Shanghai Composite (Price Jun 14, 2024: 3015.80)

Sell

Shanghai Composite shows weak development in a falling trend channel in the medium long term. This signals increasing pessimism among investors and indicates further decline for Shanghai Composite. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the index has resistance at 3070 points. 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

Toronto (Price Jun 14, 2024: 21639)

Sell

Toronto has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has broken a double top formation. A decisive break of the support at 21643 will signal a fall to 20916 or less. The index has support at points 20630 and resistance at points 22460. 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

Euro Stoxx 50 (Price Jun 14, 2024: 4839.14)

Sell

Euro Stoxx 50 has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has built a double top formation and given signal of further fall to 4743. On reactions back, there is now resistance at 4914. The index has broken down through support at points 4890. This predicts a further decline. The index is overall assessed as technically negative for the medium long term.
Extended analysis

Sydney (Price Jun 14, 2024: 7943.20)

Watch

Sydney 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 support at points 7820 and resistance at points 8150. 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 neutral for the medium long term.
Extended analysis

NYSE Composite (Price Jun 14, 2024: 17817)

Watch

NYSE Composite 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 support level in the short term and given a negative signal for the short term trading range. The index has support at points 17400 and resistance at points 18300. 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 neutral for the medium long term.
Extended analysis