Morning Report May 23, 2024

NASDAQ (Price May 22, 2024: 16802)

Buy

NASDAQ 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 has broken up through resistance at points 16400. This predicts a further rise. In case of negative reactions, there will now be support at points 16400. 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

Toronto (Price May 22, 2024: 22347)

Buy

Toronto 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. 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 20630 points. The index is assessed as technically positive for the medium long term.
Extended analysis

Nifty 50 (Price May 22, 2024: 22598)

Buy

Nifty 50 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 is moving within a rectangle formation between support at 21994 and resistance at 22709. 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 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 positive for the medium long term.
Extended analysis

AMEX Composite (Price May 22, 2024: 4866.07)

Buy

Investors have paid higher prices over time to buy AMEX Composite and the index is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. It, however, gave a positive signal from the rectangle formation at the break up through the resistance at 4862. Further rise to 5822 or more is signaled. The index has broken a support level in the short term and given a negative signal for the short term trading range. The index has support at points 4680 and resistance at points 5070. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price May 22, 2024: 18924)

Weak sell

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 index has met the objective at 19064 after a break of the inverse head and shoulders formation. The price has now fallen, but the formation indicates further rise. The index has marginally broken down through support at points 19000. An established break predicts a further decline. RSI is above 70 after a good price increase the past weeks. The index has strong positive momentum and further increase is indicated. 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 negative for the medium long term.
Extended analysis

Shanghai Composite (Price May 22, 2024: 3116.39)

Weak sell

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 broken a support level in the short term and given a negative signal for the short term trading range. The index is between support at points 3070 and resistance at points 3150. A definitive break through of one of these levels predicts the new direction. The index is overall assessed as technically slightly negative for the medium long term.
Extended analysis

NYSE Composite (Price May 22, 2024: 18237)

Watch

Investors have paid higher prices over time to buy NYSE Composite and the index 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 is testing resistance at points 18300. This could give a negative reaction, but an upward breakthrough of points 18300 means a positive signal. 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