Technical Update - Novo Nordisk, Maersk B & Danske Bank Technical Update - Novo Nordisk, Maersk B & Danske Bank Technical Update - Novo Nordisk, Maersk B & Danske Bank

Technical Update - Novo Nordisk, Maersk B & Danske Bank

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Novo Nordisk gapping lower trading around key support. Long term uptrend in jeopardy
A.P. Moeller Maersk in the process of unfolding Shoulder-Head-Shoulder top and reversal potential. Closing in on key support
Dansk Bank forming a Shoulder-Head-Shoulder pattern currently testing key Neckline support. Stock likely to break lower

Novo Nordisk Bearish break out of Triangle with a bang. Opened sharply lower after earnings announcement, just below support at around 1,060. At the time of writing Novo is back above and RSI is bouncing from 40 threshold. If Novo can close above 1.060 buyers are likely to try closing the opening gap from today.  

Medium-term the trend is still up but a correction is looming. If Novo breaks below the steep rising upper trendline a larger correction down to the Consolidation area between 976 and 896.50 could be seen
Source all charts and data: Saxo Group

Medium- to Longer term (Monthly chart ) there is divergence on RSI Uptrend is quite stretched but the chart has not yet formed a top and reversal pattern.
At the time of writing Novo is forming a Bearish Engulfing top and reversal pattern on the monthly time period. If May closes below 1,095 i.e., below April opening price this pattern will be confirmed and Novo could expect a larger correction.
A correction that is likely to test the lower rising trendline. A break below could lead to further selling down to 854.

However, if Novo is closing May above 1,095 the long-term uptrend is likely to continue. An RSI close above the horizontal dashed line will cancel the divergence and long term higher highs are in the cards.

A.P. Moller Maersk B has been very volatile since Dividend pay outs. Now once again  testing the lows March lows . There is no divergence on daily RSI indicating further downside could be seen.
Maersk is hovering around the consolidation area low back from Q1 2021 and another weekly close below paves the way for further downside.
Monthly chart shows a Shoulder-Head-Shoulder like pattern . There is strong support at around 10,555 close to the 1.618 projection of the Head to Neckline distance at 10,520

Key question is whether monthly RSI will close below 40 threshold or not. If it does there is further downside in store for Maersk. If closing above a rebound should be expected.

Danske Bank has formed a Shoulder-Head-Shoulder like pattern and is close to be testing the possibly Neckline. A close below the neckline i.e., a close below 134 is likely to lead to further selling down to 118 possibly 103.

For this pattern to be demolished and trend to be reversed a close above 149.60 is needed.


Authot is holding a long position in Novo Nordisk


The Saxo 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 is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Inspiration Disclaimer and (v) Notices applying to Trade Inspiration, 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 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 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 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 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 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 (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.