Technical Update - GN Store Nord, Demant, Rockwool & Chemometic Technical Update - GN Store Nord, Demant, Rockwool & Chemometic Technical Update - GN Store Nord, Demant, Rockwool & Chemometic

Technical Update - GN Store Nord, Demant, Rockwool & Chemometic

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  GN Store Nord bounce after being beaten
Demant collapse after bullish break out
Rockwool could be range bound for a long time
Chemometic bubble implosion


Today's Market Quick Take from the Saxo Strategy Team

GN Store Nord
had broken above resistance at 190.75 yesterday – maybe in anticipation of a positive earnings announcement pre-market today. That didn’t happen and GN Store Nord opened 20% lower this morning but have bounced back currently trading above the lower rising trend line.
If closing above 159.60 the uptrend is still intact. A close below and GN is likely to be hit by a sell-off down to previous lows. A close below 144.30 is likely confirm and fuel the down trend
For GN to resume uptrend a close of the gap created this morning would be minimum requirement.


Medium-term the uptrend is in jeopardy if GN closes below 144.30. Weekly RSI already showing negative divergence will have closed back below 40 strongly indicating a test of the Q4 2022 trough at around 119.

GN d 9feb
Source all charts and data: Saxo Group
GN w 9feb

Demant broke bullish out of its Symmetrical triangle like pattern last week but have been rejected at the resistance at around 237.80 and the around the 200 daily Moving Average. A close below 218 could add to the current selling pressure for Deman to drop to test support at around 201.

Demant was also rejected at the 200 weekly Moving Average  and it will be a struggle to penetrate it. Demant is likely to be range bound between 175 and 241 for quite some time.

For Demant to resume uptrend at close above 238 is needed. Daily RSI is showing positive sentiment indicating Demant is likely to have another go at the resistance level

Demant d 9feb
Demant w 9feb
Rockwool A/S disappointed on both earnings and outlook yesterday and the share price was severely punished closing 17% down. It bounced off the 200 daily Moving Average and the bounce seems to continue today. If Rockwool can move above 1,823 the short-term uptrend could be resumed.
RSI is in negative territory however, indicating lower levels. Rockwool could very well be stuck in a sideway range between 1,500 and 2,100 for a while.  
 
Weekly chart Rockwool is trading in a wide rising channel but was rejected at the 200 weekly Moving Average. The uptrend remains intact. A close below 1,500 is needed to reverse that. If Rockwool takes out 1,500 the weekly RSI is likely to reverse to negative sentiment.
A close below the rising trendline will indicate Rockwool will be quite likely to play out that bearish scenario that could take the share price close to 1,000.

Rock d 9feb
Rock w 9feb

Chemometic, once a darling on the Exchange is taking a serious beating this morning. The stock has been in a downtrend for some time however, and it seems like a collapse of a bubble. Monthly chart clearly shows the Bubble pattern.
Some support here around the 55 monthly Moving Average  but no strong support until the Consolidation area at around 449-368.

Chemo m 9feb

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • 350x200 peter

    Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • 350x200 althea

    Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • 350x200 peter

    Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • 350x200 charu (1)

    FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • 350x200 ole

    Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.