Morning Report Jun 21, 2024

NASDAQ (Price Jun 20, 2024: 17722)

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. RSI above 70 shows that the index has strong positive momentum in the short term. Investors have steadily paid more to buy the index, which indicates increasing optimism and that the price will continue to rise. 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

KOSPI (Price Jun 20, 2024: 2784.26)

Buy

KOSPI shows strong development within a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index has broken up through resistance at points 2760. This predicts a further rise. In case of negative reactions, there will now be support at points 2760. The index is assessed as technically positive for the medium long term.
Extended analysis

Singapore - Straits Times (Price Jun 20, 2024: 3306.02)

Weak buy

Singapore - Straits Times is within an approximate horizontal trend channel in the medium long term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. 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

Toronto (Price Jun 20, 2024: 21581)

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

Shanghai Composite (Price Jun 20, 2024: 2998.14)

Sell

Investors have accepted lower prices over time to get out of Shanghai Composite and the index 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. 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 below 30 shows that the momentum of the index is strongly negative in the short term. Investor have steadily reduced the price to sell the index, which indicates increasing pessimism and continued falling prices. 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

NYSE Composite (Price Jun 20, 2024: 18016)

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 is approacing resistance at 18300 points, which may give a negative reaction. However, a break upwards through 18300 points will be a positive signal. 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