Details Cookies
Important margin product information
CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
Cookie policy

This website uses cookies to offer you a better browsing experience by enabling, optimising and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy here and our privacy policy here

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
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.

Source all charts and data: Saxo Group

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

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.

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.


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 (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
Beethovenstrasse 33

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.