[14 August 2024]
Today, Wednesday 14 August 2024, StockCharts365.com has also taken a closer look at the share that was the most traded on the Nasdaq Stockholm stock exchange today: Fortnox AB (FNOX).
The Fortnox AB (FNOX) share has risen by a solid 31,900 percent from SEK 0.25 in 2012 and to SEK 80.00 in 2023/2024.
This corresponds to an approximately 320 doubling for the share over the course of around 12 years. So if you had invested SEK 10,000 in Fortnox (FNOX) in 2012, those shares would have had a value of around SEK 3.2 million when the share peaked around SEK 80.00 12 years later.
Today, Wednesday 14 August 2024, the Fortnox share ended at SEK 55.68, and with today's share price the company has a market cap of approximately SEK 34 billion.
But then there was this thing about; Every Trend will Come to an End...
In any case, several negative technical signals have now been triggered for this large Swedish IT company, Fortnox AB (FNOX), and the share may face a sharp fall in the short and medium term.
Read more about this below here in today's technical analysis of Fortnox AB (Ticker on Nasdaq Stockholm: FNOX) here at StockCharts365.com
The Fortnox share (FNOX) has fallen sharply recently, and among other things after CEO Tommy Eklund announced his resignation.
FORTNOX: CEO TOMMY EKLUND IS TERMINATING WITH IMMEDIATE EFFECT
Tuesday 13 August 2024 at 08:33 ∙ Nyhetsbyrån Direct
STOCKHOLM (Nyhetsbyrån Direkt) Tommy Eklund is leaving his post as CEO of Fortnox with immediate effect.
First a little about the company Fortnox AB (Ticker on Nasdaq Stockholm: FNOX)
Fortnox is an IT-provider of web-based software for, among others, bookkeeping, invoicing, order management, sales support, and e-commerce to SMEs and associations. Fortnox applications are accessible from any computer with internet connection in the world via the cloud. In addition, the Fortnox subsidiary Nox Finance offers financial services related to invoicing. The company is based in Växjö.
For more information about the company, visit their website here:
Technical Analysis of Fortnox AB (Ticker on Nasdaq Stockholm: FNOX)
Charts are from the technical analysis program Vikingen.
Technical Analysis of Fortnox AB (Ticker on Nasdaq Stockholm: FNOX):
Fortnox (FNOX) has broken out of the long-term rising trend, and within which the share has moved since 2012, and when the share was then around SEK 0.25.
The stock has fallen below both the 50-day and 200-day moving averages, and the 50-day moving average is approaching a break below the 200-day moving average (Death Cross signal).
Furthermore, a strong technical sell signal has been triggered for the share after breaking below an important technical support level around SEK 60.00.
A strong technical sell signal has also been triggered from a large head and shoulder formation (cf. daily chart).
This sell signal indicates further decline for Fortnox (FNOX) to down towards SEK 40.00 - 45.00.
Various momentum indicators such as RSI, Stochastics and MACD also signal a further decline for the share.
The overall technical picture for the Fortnox share now signals further decline for the share, and then preferably down towards the next important technical support level around SEK 40.00 - 45.00.
If the share should also break down below the SEK 40.00 level, a further decline towards SEK 20.00 will be signaled for the Fortnox share.
What could change the now very negative technical picture that the Fortnox share shows, would be if the share were to get an established break above the SEK 60.00 level and above the 50-day and 200-day moving averages.
NB! Remember to have read and understood the disclaimer.
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