[21 August 2024]
Today, Wednesday 21 August 2024, StockCharts365.com has taken a closer look at the Nordic stock market index: Nasdaq OMX Nordic 120 (NOMXN120), and what the technical picture now gives of signals about the further development ahead.
First a little about this Nordic stock market index, Nasdaq OMX Nordic 120 (NOMXN120):
The NASDAQ OMX Nordic Tradable Sector Index family (NOMXN) comprises of 10 Sector indexes and a Composite index. The Composite index consists of the 120 largest of the 150 most traded shares on NASDAQ OMX Copenhagen, NASDAQ OMX Helsinki, NASDAQ OMX Stockholm and Oslo Exchange. The Composite index, NASDAQ OMX Nordic 120 (NOMXN120), population is used as basis for the selection of the Sector indexes.
The NOMXN indexes are calculated as free float market capitalization weighted indexes and are capped according to UCITS IV. The indexes are reviewed on a semi-annual basis effective after the third Friday in June and December. The indexes have a base date of December 18, 2009 with 500 as base value.
Technical Analysis of Nasdaq OMX Nordic 120 (NOMXN120)
Technical Analysis of Nasdaq OMX Nordic 120 (NOMXN120):
The Nasdaq OMX Nordic 120 fell back into the previous long-term rising trend during the sharp fall in the stock market recently.
The index fell to, and slightly below, the 200-day moving average, and then had a strong rebound back up.
This Nordic stock market index is now testing an important technical resistance level against the upper trend line in the previous long-term rising trend, and which the index has thus fallen back into during the latest strong correction.
There is also technical resistance here for the Nasdaq OMX Nordic 120, around the 1,680 level, and where there is also resistance now against the 50-day moving average.
Various momentum indicators such as RSI and Stochastics indicate that the Nasdaq OMX Nordic 120 may now face a downward correction in the short term.
The overall technical picture for the Nasdaq OMX Nordic 120 indicates that there would like to be a correction down in the short term, and perhaps a new test of the support level around the 1,580 - 1,600 level and down towards the 200-day moving average.
An eventual established break below the 1,580 level and below the 200-day moving average will trigger negative technical signals for this Nordic stock market index, which may then correct all the way down towards the lower trend line in the long-term rising trend.
If the Nasdaq OMX Nordic 120 were to get an established break above the 1,680 level and above the 50-day moving average, then it would trigger positive technical signals.
NB! Remember to have read and understood the disclaimer.
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