Novo Nordisk dipped yesterday below key strong support at around 1,050 for the fifth time only to bounce back and close above.
However, at the time of writing sellers are once again trying to push it below the support and this time they seems to be more succesful.
Share price is below 21 and 55 daily Moving Averages which are both declining and below 100 Moving Average and RSI is showing negative sentiment after closing below the 40 threshold a few days ago, suggesting Novo is likely to trade lower.
If Novo closes below 1,050 downtrend is confirmed
If that scenario plays out a sell-off down to around 970-950 could be seen.
To resume uptrend a close above 1,113.60 is needed.