Morning Report Apr 24, 2024

NASDAQ (Price Apr 23, 2024: 15697)

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 support at points 14300 and resistance at points 16400. 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

Wellington (Price Apr 23, 2024: 11946)

Buy

Wellington 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 marginally broken up through resistance at points 11930. An established break predicts a further rise. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the trend. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Apr 23, 2024: 17180)

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 price has broken through the ceiling at 17149 of a rectangle pattern. A decisive break will signal a further rise to 18126 or more. It also gave positive signal from the inverse head and shoulders formation at the break up through the resistance at 16738. Further rise to 19064 or more is signaled. The index has marginally broken up through resistance at points 17000. An established break predicts a further rise. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Euronext PSI20 (Price Apr 23, 2024: 6592.89)

Buy

Euronext PSI20 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 moving average indicator has also 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 is testing resistance at points 6600. This could give a negative reaction, but an upward breakthrough of points 6600 means a positive signal. 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 positive for the medium long term.
Extended analysis

Nifty 50 (Price Apr 23, 2024: 22368)

Weak 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 22023 and resistance at 22739. 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 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 slightly positive for the medium long term.
Extended analysis

Shanghai Composite (Price Apr 23, 2024: 3044.82)

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. An inverse head and shoulders formation is under development. A decisive break of the resistance at 3089, ideally with an increase in volume, signals a further rise. The index is approacing resistance at 3070 points, which may give a negative reaction. However, a break upwards through 3070 points will be a positive signal. The index is overall assessed as technically slightly negative for the medium long term.
Extended analysis

NYSE Composite (Price Apr 23, 2024: 17793)

Watch

NYSE Composite has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has support at points 16150 and resistance at points 18300. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The index is overall assessed as technically neutral for the medium long term.
Extended analysis