Morning Report Apr 22, 2024

NASDAQ (Price Apr 19, 2024: 15282)

Buy

NASDAQ is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index has support at points 14300 and resistance at points 16400. RSI is below 30 after the falling prices of the past weeks. The index has strong negative momentum and further decline is indicated. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Nikkei 225 (Price Apr 19, 2024: 37439)

Buy

Nikkei 225 is in a rising trend channel in the medium long term. This shows that investors over time have bought the index at higher prices and indicates good development for the market. The index has support at points 33600 and resistance at points 40900. RSI below 30 shows that the momentum of the index is strongly negative in the short term. Investor have steadily reduced the price to sell the index, which indicates increasing pessimism and continued falling prices. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Apr 19, 2024: 16522)

Weak sell

Hong Kong - Hang Seng is in a falling trend channel in the medium long term. This signals increasing pessimism among investors and indicates further decline for Hong Kong - Hang Seng. The index is moving within a rectangle formation between support at 16226 and resistance at 17147. A decisive break through one of these levels indicates the new direction for the index. The index is approacing resistance at 17000 points, which may give a negative reaction. However, a break upwards through 17000 points will be a positive signal. The index is overall assessed as technically slightly negative for the medium long term.
Extended analysis

Wellington (Price Apr 19, 2024: 11853)

Weak sell

Wellington has broken through the floor of a rising trend channel in the medium long term. This indicates a slower rising rate at first, or the start of a more horizontal development. The index has broken down through support at points 11930. This predicts a further decline. The index is assessed as technically slightly negative for the medium long term.
Extended analysis

Singapore - Straits Times (Price Apr 19, 2024: 3218.55)

Watch

Investors have accepted lower prices over time to get out of Singapore - Straits Times and the index is in a falling trend channel in the medium long term. This signals increasing pessimism among investors and indicates further decline for Singapore - Straits Times. The index has given a positive signal from the inverse head and shoulders formation by a break up through the resistance at 3208. Further rise to 3403 or more is signaled. The index is approacing resistance at 3240 points, which may give a negative reaction. However, a break upwards through 3240 points will be a positive signal. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

Nifty 50 (Price Apr 19, 2024: 22147)

Watch

Nifty 50 is in a rising trend channel in the medium long term. This shows that investors over time have bought the index at higher prices and indicates good development for the market. The index has support at points 19350 and resistance at points 22650. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the rising trend and could be an early signal of a coming trend break. The index is overall assessed as technically neutral for the medium long term.
Extended analysis