Morning Report Mar 20, 2024

NASDAQ (Price Mar 19, 2024: 16167)

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. 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 14400 points. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Toronto (Price Mar 19, 2024: 21861)

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 20660 points. The index is assessed as technically positive for the medium long term.
Extended analysis

Sydney (Price Mar 19, 2024: 7954.50)

Buy

Sydney has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. 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 7570 points. The index is assessed as technically positive for the medium long term.
Extended analysis

NYSE Composite (Price Mar 19, 2024: 17976)

Buy

NYSE Composite 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 16100 points. 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 positive for the medium long term.
Extended analysis

Shanghai Composite (Price Mar 19, 2024: 3079.69)

Weak buy

Shanghai Composite has broken the falling trend channel in the medium long term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction. The index has marginally broken up through resistance at points 3070. An established break predicts a further rise. The index is assessed as technically slightly positive for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Mar 19, 2024: 16543)

Weak sell

Hong Kong - Hang Seng shows weak development in a falling trend channel in the medium long term. Falling trends indicate that the market experiences negative development and falling buy interest among investors. The price has reacted back after a possible false break of the inverse head and shoulders formation. A decisive break up through 16738 will again give new positive signals to the index, while a break on the opposite side of the formation will be a strong negative signal. 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

Nifty 50 (Price Mar 19, 2024: 21817)

Watch

Investors have paid higher prices over time to buy Nifty 50 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 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 19350 and resistance at points 22500. 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 neutral for the medium long term.
Extended analysis