Morning Report May 17, 2024

NASDAQ (Price May 16, 2024: 16698)

Buy

NASDAQ 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 broken up through resistance at points 16400. This predicts a further rise. The index is assessed as technically positive for the medium long term.
Extended analysis

Toronto (Price May 16, 2024: 22300)

Buy

Investors have paid higher prices over time to buy Toronto and the index is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the index has support at approximately 20640 points. The index is assessed as technically positive for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price May 16, 2024: 19550)

Buy

Hong Kong - Hang Seng has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. The price has risen strongly since the positive signal from the inverse head and shoulders formation at the break through resistance at 16738. The objective at 19064 is now met, but the formation still gives a signal in the same direction. The index has broken up through resistance at points 19000. This predicts a further rise. The short term momentum of the index is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Hong Kong - Hang Seng. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Nifty 50 (Price May 16, 2024: 22404)

Buy

Nifty 50 shows strong development within a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index is moving within a rectangle formation between support at 21980 and resistance at 22695. A decisive break through one of these levels indicates the new direction for the index. The index is approaching support at 22000 points, which may give a positive reaction. However, a break downwards through 22000 points will be a negative signal. Volume has previously been low at price tops and high at price bottoms. This weakens the rising trend and could be an early signal of a coming trend break. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Shanghai Composite (Price May 16, 2024: 3154.03)

Weak buy

Shanghai Composite has broken through the ceiling of a falling trend channel in the medium long term. This indicates a slower falling rate initially, or the start of a more horizontal development. The index has received a positive signal from the moving average indicator, thus signaling a continued rise. The index has marginally broken up through resistance at points 3150. An established break predicts a further rise. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis

NYSE Composite (Price May 16, 2024: 18317)

Weak buy

NYSE Composite shows strong development within a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index is testing support at points 18300. This could give a positive reaction, but a downward breakthrough of points 18300 means a negative signal. Volume has previously been low at price tops and high at price bottoms. This weakens the rising trend and could be an early signal of a coming trend break. RSI above 70 shows that the index has strong positive momentum in the short term. Investors have steadily paid more to buy the index, which indicates increasing optimism and that the price will continue to rise. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis