Technical Update - Novo Nordisk, Maersk B & Danske Bank

Technical Update - Novo Nordisk, Maersk B & Danske Bank

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Novo Nordisk gapping lower trading around key support. Long term uptrend in jeopardy
A.P. Moeller Maersk in the process of unfolding Shoulder-Head-Shoulder top and reversal potential. Closing in on key support
Dansk Bank forming a Shoulder-Head-Shoulder pattern currently testing key Neckline support. Stock likely to break lower


Novo Nordisk Bearish break out of Triangle with a bang. Opened sharply lower after earnings announcement, just below support at around 1,060. At the time of writing Novo is back above and RSI is bouncing from 40 threshold. If Novo can close above 1.060 buyers are likely to try closing the opening gap from today.  

Medium-term the trend is still up but a correction is looming. If Novo breaks below the steep rising upper trendline a larger correction down to the Consolidation area between 976 and 896.50 could be seen
novo d 4may
Source all charts and data: Saxo Group
novo w 4may

Medium- to Longer term (Monthly chart ) there is divergence on RSI Uptrend is quite stretched but the chart has not yet formed a top and reversal pattern.
At the time of writing Novo is forming a Bearish Engulfing top and reversal pattern on the monthly time period. If May closes below 1,095 i.e., below April opening price this pattern will be confirmed and Novo could expect a larger correction.
A correction that is likely to test the lower rising trendline. A break below could lead to further selling down to 854.

However, if Novo is closing May above 1,095 the long-term uptrend is likely to continue. An RSI close above the horizontal dashed line will cancel the divergence and long term higher highs are in the cards.

novo m 4may


A.P. Moller Maersk B has been very volatile since Dividend pay outs. Now once again  testing the lows March lows . There is no divergence on daily RSI indicating further downside could be seen.
Maersk is hovering around the consolidation area low back from Q1 2021 and another weekly close below paves the way for further downside.
Monthly chart shows a Shoulder-Head-Shoulder like pattern . There is strong support at around 10,555 close to the 1.618 projection of the Head to Neckline distance at 10,520

Key question is whether monthly RSI will close below 40 threshold or not. If it does there is further downside in store for Maersk. If closing above a rebound should be expected.


maersk d 4may
maersk w 4may
maersk m 4may

Danske Bank has formed a Shoulder-Head-Shoulder like pattern and is close to be testing the possibly Neckline. A close below the neckline i.e., a close below 134 is likely to lead to further selling down to 118 possibly 103.

For this pattern to be demolished and trend to be reversed a close above 149.60 is needed.

 

Danske d 4may
Danske w 4may
Authot is holding a long position in Novo Nordisk

Quarterly Outlook

01 /

  • Macro Outlook: The US rate cut cycle has begun

    Quarterly Outlook

    Macro Outlook: The US rate cut cycle has begun

    Peter Garnry

    Chief Investment Strategist

    The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c...
  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

  • Equity Outlook: Will lower rates lift all boats in equities?

    Quarterly Outlook

    Equity Outlook: Will lower rates lift all boats in equities?

    Peter Garnry

    Chief Investment Strategist

    After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto...
  • FX Outlook: USD in limbo amid political and policy jitters

    Quarterly Outlook

    FX Outlook: USD in limbo amid political and policy jitters

    Charu Chanana

    Chief Investment Strategist

    As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...
  • Commodity Outlook: Gold and silver continue to shine bright

    Quarterly Outlook

    Commodity Outlook: Gold and silver continue to shine bright

    Ole Hansen

    Head of Commodity Strategy

  • FX: Risk-on currencies to surge against havens

    Quarterly Outlook

    FX: Risk-on currencies to surge against havens

    Charu Chanana

    Chief Investment Strategist

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo...
  • Equities: Are we blowing bubbles again

    Quarterly Outlook

    Equities: Are we blowing bubbles again

    Peter Garnry

    Chief Investment Strategist

    Explore key trends and opportunities in European equities and electrification theme as market dynami...
  • Macro: Sandcastle economics

    Quarterly Outlook

    Macro: Sandcastle economics

    Peter Garnry

    Chief Investment Strategist

    Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p...
  • Bonds: What to do until inflation stabilises

    Quarterly Outlook

    Bonds: What to do until inflation stabilises

    Althea Spinozzi

    Head of Fixed Income Strategy

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ...
  • Commodities: Energy and grains in focus as metals pause

    Quarterly Outlook

    Commodities: Energy and grains in focus as metals pause

    Ole Hansen

    Head of Commodity Strategy

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

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)

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.