Morning Report Jun 19, 2024

NASDAQ (Price Jun 18, 2024: 17862)

Buy

NASDAQ 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 16500 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 18, 2024: 23558)

Buy

Nifty 50 is in a rising trend channel in the medium long term. This shows that investors over time have bought the index at higher prices and indicates good development for the market. 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. The index is assessed as technically positive for the medium long term.
Extended analysis

Singapore - Straits Times (Price Jun 18, 2024: 3309.92)

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 is approacing resistance at 3323 points, which may give a negative reaction. However, a break upwards through 3323 points will be a positive signal. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis

Nikkei 225 (Price Jun 18, 2024: 38571)

Weak buy

Nikkei 225 shows strong development within 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. The index is testing resistance at points 39000. This could give a negative reaction, but an upward breakthrough of points 39000 means a positive signal. 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

Wellington (Price Jun 18, 2024: 11671)

Weak sell

Wellington is within an approximate horizontal trend channel in the medium long term, which indicates further development in the same direction. A head and shoulders formation is under development. A decisive break of the support at 11512, ideally with an increase in volume, signals a further fall. It also gave a negative signal from the head and shoulders formation at the break down through the support at 11824. Further fall to 11480 or lower is signaled. The index has support at points 11550 and resistance at points 11950. The index is overall assessed as technically slightly negative for the medium long term.
Extended analysis

Toronto (Price Jun 18, 2024: 21611)

Sell

Toronto 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 gave a negative signal from the double top formation by the break down through the support at 21643. Further fall to 20916 or lower is signaled. 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

Sydney (Price Jun 18, 2024: 8010.50)

Watch

Sydney has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. 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