Technical Update - Novo Nordisk: Stretched uptrend could continue higher
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Novo Nordisk delivered blow out earnings this morning pre-market.
The uptrend seems to continue.
If Novo is closing around current levels and the RSI is closing back above the 60 threshold i.e., back in positive sentiment, Novo share price is likely to move to test all-time highs at around 742.20
To reverse the short-term uptrend a close below 655.40 is needed.
If Novo is performing a new higher close above 742.20 the RSI divergence could be cancelled thus strongly indicating the uptrend is to continue