Morning Report Oct 3, 2024

NASDAQ (Price Oct 2, 2024: 17925)

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. The index has support at points 16400 and resistance at points 18600. The RSI curve shows a rising trend, which supports the positive trend. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Toronto (Price Oct 2, 2024: 24002)

Buy

Toronto has broken the rising trend up in the medium long term, which indicates an even stronger rising rate. 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 22500 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the rising trend and could be an early signal of a coming trend break. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Oct 2, 2024: 22336)

Buy

An approximate horizontal trend channel in the medium long term is broken up. Continued strong development is indicated, and the index now meets support on possible reactions down towards the trend lines. 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 19600 points. The volume balance is positive and strengthens the index in the short term. Trading volume has increased substantially lately. This shows there is an increased interest for the index, possibly because of fundamental news. 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 Hong Kong - Hang Seng. 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 Oct 2, 2024: 19482)

Buy

NYSE Composite 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 18300 points. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Shanghai Composite (Price Oct 2, 2024: 3336.50)

Buy

Shanghai Composite has broken the falling trend channel in the medium long term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction. The index has broken a resistance level and given a positive signal for the long-term trading range. The index has broken up through resistance at points 3300. This predicts a further rise. In case of negative reactions, there will now be support at points 3300. The volume balance is negative and weakens the index in the short term. 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

Euronext PSI20 (Price Oct 2, 2024: 6694.62)

Buy

Euronext PSI20 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 moving within a rectangle formation between support at 6419 and resistance at 6819. A decisive break through one of these levels indicates the new direction for the index. The index is approaching support at 6620 points, which may give a positive reaction. However, a break downwards through 6620 points will be a negative signal. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Euro Stoxx 50 (Price Oct 2, 2024: 4815.15)

Weak buy

Euro Stoxx 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. The index has support at points 4400 and resistance at points 4900. The index is assessed as technically slightly positive for the medium long term.
Extended analysis

Nikkei 225 (Price Oct 2, 2024: 38552)

Sell

Nikkei 225 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 down through support at points 39000. This predicts a further decline. In case of positive reactions, there will now be resistance at points 39000. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the index. RSI diverges negatively against the price, which indicates danger of a reaction downwards. 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

KOSPI (Price Oct 2, 2024: 2561.69)

Sell

KOSPI 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. The index has received a negative signal from the moving average indicator, thus signaling a continued fall. The index has broken down through support at points 2580. This predicts a further decline. 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 negative for the medium long term.
Extended analysis