Technical Analyst, Saxo Bank Group
Nordea Bank (DKK) is forming a symmetrical triangle like pattern on the medium-term time horizon, tugged in between the 55 and the 200 weekly Simple Moving Averages (SMA)
Break out direction will be a strong indication of the medium-term trend. If breaking out bearish Nordea could decline to support around DKK 52.30 but there could be downside to around 46-45. Support at 58.46
If breaking out bullish Nordea is likely to test Q1 2022 peak at 85.11
Currently RSI is showing negative sentiment and if RSI closes below its lower rising trendline lower price levels should be expected.
However, RSI is currently rising and if it closes above 60 it is back in positive sentiment with higher levels in the cards.
Short-term Nordea is in a downtrend being rejected at the 200 daily SMA several times. A close above the falling trendline, and the 200 daily SMA followed by a daily close above 72.95 will confirm a trend reversal and Nordea to build an uptrend towards 85
RSI is at the time of writing above 60 and if it closes above there is strong indication the bullish scenario to play out
2024: The wasted year
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.
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