Morning Report Oct 29, 2024

NASDAQ (Price Oct 28, 2024: 18567)

Weak 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. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. The index is testing resistance at points 18600. This could give a negative reaction, but an upward breakthrough of points 18600 means a positive signal. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis

Toronto (Price Oct 28, 2024: 24566)

Buy

Investors have paid higher prices over time to buy Toronto and the index 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 22500 points. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Sydney (Price Oct 28, 2024: 8505.90)

Buy

Sydney 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. 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 8150 points. Trading volume has increased substantially lately. This shows there is an increased interest for the index, possibly because of fundamental news. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Euro Stoxx 50 (Price Oct 28, 2024: 4815.15)

Weak buy

Investors have paid higher prices over time to buy Euro Stoxx 50 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 4400 and resistance at points 4900. The index is assessed as technically slightly positive for the medium long term.
Extended analysis

Shanghai Composite (Price Oct 28, 2024: 3286.41)

Sell

Shanghai Composite has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. The index is testing resistance at points 3300. This could give a negative reaction, but an upward breakthrough of points 3300 means a positive signal. The index is assessed as technically negative for the medium long term.
Extended analysis

Euronext PSI20 (Price Oct 28, 2024: 6455.86)

Sell

Euronext PSI20 is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index has built a double top formation and given signal of further fall to 6088. On reactions back, there is now resistance at 6480. The index has marginally broken down through support at points 6480. An established break predicts a further decline. 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 index is overall assessed as technically negative for the medium long term.
Extended analysis

Nifty 50 (Price Oct 28, 2024: 24339)

Watch

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. The index has broken down through support at points 25000. This predicts a further decline. 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 is an early signal of a possible trend reversal downwards for the price as well. The index is overall assessed as technically neutral for the medium long term.
Extended analysis