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Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
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Technical Update - GN Store Nord, Demant, Rockwool & Chemometic
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
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.
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.
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.
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