Morning Report Jun 20, 2024

NASDAQ (Price Jun 19, 2024: 17862)

Buy

NASDAQ shows strong development within 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 16500 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

NYSE Composite (Price Jun 19, 2024: 17968)

Weak buy

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 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 slightly positive for the medium long term.
Extended analysis

Shanghai Composite (Price Jun 19, 2024: 3005.44)

Sell

Shanghai Composite is 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. RSI is below 30 after the falling prices of the past weeks. The index has strong negative momentum and further decline is indicated. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. 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

Euro Stoxx 50 (Price Jun 19, 2024: 4885.45)

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 gave a negative signal from the double top formation by the break down through the support at 4891. Further fall to 4698 or lower is signaled. The index is testing resistance at points 4890. This could give a negative reaction, but an upward breakthrough of points 4890 means a positive signal. The index is overall assessed as technically negative for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Jun 19, 2024: 18289)

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

Sydney (Price Jun 19, 2024: 8012.10)

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