Morning Report May 21, 2024

NASDAQ (Price May 20, 2024: 16795)

Buy

NASDAQ is in a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. The index has broken up through resistance at points 16500. This predicts a further rise. In case of negative reactions, there will now be support at points 16500. 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 NASDAQ. 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

Nikkei 225 (Price May 20, 2024: 38947)

Buy

Nikkei 225 is in a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. The price has also broken a resistance level in the short term and given a positive signal for the short-term trading range. The index has support at points 37200 and resistance at points 40900. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Nifty 50 (Price May 20, 2024: 22466)

Buy

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 is moving within a rectangle formation between support at 21985 and resistance at 22700. A decisive break through one of these levels indicates the new direction for the index. 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 22000 points. 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

Hong Kong - Hang Seng (Price May 20, 2024: 19226)

Buy

Hong Kong - Hang Seng 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 moving average indicator has given a positive signal. In isolation, this signals a continued rise, but the slowness of the indicator often means that one has lost much of the upside. 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

Singapore - Straits Times (Price May 20, 2024: 3295.51)

Weak buy

Singapore - Straits Times is within an approximate horizontal trend channel in the medium long term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. 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 3320 points, which may give a negative reaction. However, a break upwards through 3320 points will be a positive signal. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis

Shanghai Composite (Price May 20, 2024: 3157.97)

Weak buy

Shanghai Composite has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. 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