More on the basis of the main indicator and the important levels on the Oslo Poor’s in the factbox below the article.
OBX indicator is similar to OSEBX
The OBX index also fell on Tuesday. Technical support at level 1128 was breached before testing the 50-day moving average on Friday. There is some technical support around the 50 day moving average. If this is broken, the next technical support comes at the levels of 1109 and 1100, as well as the 200-day moving average.
A technical support violation will indicate a drop to the next level.
OBX Index: The index broke the 50-day moving average and the RSI broke through the 50 level on Friday. Chart: Tradingview / Fa
There are positive tones on the RSI chart. As long as it holds, any corrections could be temporary, but there is probably room to test both 1100 and 1.075 before the long positive level can be challenged.
The RSI broke through the 50 level on Friday. It was a sign of weakness and an indication that the rate of increase may be on the way down.
The 10-year interest rate collapses
The US 10-year interest rate may be about to set new highs on the main chart and the RSI, indicating that further development is at least becoming uncertain. For a long time, most things were pointing to more upside, but now it could be heading for a change in direction.
A breach of technical support at the level of 3.90 after reaching 4.09% on March 2 was a sign of weakness. It also peaked on the chart below the October double top at 4.25.
The 50 day EMA was tested on Friday, and compared to the development through October, it has gone noticeably more sideways again in recent months.
10-year moving average: The 50-day moving average was tested on Friday Chart: Ttradingview / Fa
A clear new peak in the RSI chart, below the one in October last year, could mean that the 10-year yield could continue sideways between 4.0 and 3.35 for a while longer. It may also mean that the lower bound of the uptrend before May is over.
Possible decline below 3.60 percent will break the moving averages and in this case test the signal for both the trend minimum and technical support at 3.37. Breaking the technical support and the bullish trend will open the way for more declines towards 2.58 – 2.50 in the slightly longer term, with technical support all the way at -3.20, -3.00, and -2.75 level.
To indicate more upside, the technical resistance at level 4.0 and level 4.25 must be broken. In the short term, and with the downward trend in the RSI chart, it is at least likely that the moving averages, the lower line of the trend and the level of 3.37 will be tested.
Positive swab at BW Offshore
After a slight correction at the beginning of the week, the technical support at the level of 26.40 and the 200-day moving average was breached during the day on Friday. Inventory
It was trading as low as NOK 25.58 before turning around and rising above NOK 30.40. The day ended with an increase of 14 percent to NOK 30.44.
BW Outside: The stock fluctuated wildly on Friday, testing important technical support and resistance. Chart: tradingview / Fa
The stock has developed an upward trend, allowing room for a further rally towards NOK 33 again in the not-too-long term, but also room for a drop to NOK 26 and Friday’s low.
The break above the technical resistance at level 29 on Friday was a positive sign, which could herald another rally to the next technical resistance at level 31, and possibly level 33.
The RSI placed a significant bottom on the RSI chart. It has formed a positive cushion on the RSI chart. As long as it continues, it will indicate support for further growth. A close above the 50-day moving average was also a positive sign.
New correction in shelf digging?
On Feb. 5, we wrote that the Shelf Drilling Up 1,839 percent since the low of NOK 1.55 on November 2, 2020, he wondered if that was enough now? The share price was then NOK 30.05.
The stock continued to climb to NOK 34.40 during the day on March 7, before ending at NOK 33.25. Last week, it fell again, breaching the 50-day moving average and ending the week at NOK 29.70.
Shelf Digging: The stock may be about to correct a bit again. Chart: Tradingview / Fa
This development comes at the same time that the RSI tested the descending trend line at the top of the RSI chart back in mid-February, continued lower and breached the 50 level. There is still a positive effect on the long-term RSI chart Medium to long term, but there is likely room to test both the technical support at the 27.90 level and the 200 day moving average around the 23.50 level.
After a rise of 207 percent since mid-July last year, it is not surprising that there has been a correction again, as it also happened in September and November of last year. And it wouldn’t be surprising if it returned to the 200-day moving average. If the stock drops below 29.35, that could indicate that we have a small double top formation, and then it might follow a decline past the technical support level at 27.90 and possibly down to the next technical support at the 200-day moving average. And the level is 23.40.
As long as the positive trend in the RSI histogram continues, there is probably no risk of an upward trend either. However, if the RSI continues to drop and punctuates the positive level, it will immediately look more ambiguous.
TGS Live Again – Now What?
After the consolidation, which began in June last year, the share of TGS
Turn right and it’s up 58 percent. Then, the rise since the October 2021 low is 159 percent. Then we also have a new major trend that is sharp and rising.
The stock broke through the technical resistance at the 200 level, but at the same time was overbought again, which was also twice before during the recent strong rally.
The RSI supported the rise, but it once again crossed the 70 level, which might indicate some protection for the profits, before continuing to rise towards NOK 219, 249, and maybe 282 again.
TGS: Up, down, and up again. Ready for another patch again soon? Chart: Tradingview / Fa
In case of any corrections, we find the strongest technical support down towards level 180 and the 50-day moving average, and further down towards level 163 and the 200-day moving average.
As long as the positive character persists, any corrections may be temporary before a new rebound occurs. However, there is room for corrections again against the 172, 163, and 200-day moving averages each, before it starts to look uncertain for further development.
As long as the long positive trend in the RSI continues, however, any corrections may be temporary before a fresh rebound occurs.
Even with a long, positive smear in the RSI chart, however, there could be room for a downside all the way down the uptrend, before the stock falls again – as from June to Christmas last year.
Finansavisen is not responsible for any losses that may arise as a result of investments made on the basis of this comment.
The technical basis of the main index of the Oslo Stock Exchange
The all-time high for the main index of the Oslo Poor’s is 1,287.39 as of May 31, 2022. The all-time high for the day is 1,291.21 as of April 19, 2022.
After three years of growth, the main index fell by 1.0 percent in 2022. In 2021, the main index on the Oslo Stock Exchange rose by 23.4 percent. In 2020, the main index rose 4.6 percent. In 2019, there was an increase of 16.5 percent. In 2018, there was a decrease of 1.8 percent. In 2017, the increase was 19.1 percent. In 2016 the rise was 12.1 percent and in 2015 it was 5.25 percent.
2020
During the month of April and the beginning of May 2020, the consolidation in the main index formed the basis for a further rise, in the region from 725 to 750. When the 750 level was broken, this indicates that the rise could continue upwards towards the 820 level, the 200-day moving average and 840.
A break of 840 indicates further rise towards 860 and 880. After rising to 880, it fell again in both August and October, but in November 2020 the important resistance level was breached.
The breach of 880 on November 9-11, 2020 indicates that the main index can continue upward towards 965-970. After breaking through 970, there were good chances of a new year rally which could send the main index to 1,000.
2021 – 2022
When the technical resistance at 1000 was broken, in Jan/Feb 2021, it was pointing to another rally towards 1050. Then 1100 and 1250 also came in handy during 2021 to the upside.
The main index rose towards 1240 in November 2021. During the day of March 2, 2022, a new high came past 1240. The final breakout of 1240 on March 21 opened for more gains.
The main long and bullish trend gives way to a rise towards 1500 over the next year. At the same time, the fall height is also great. The bottom of the long trend provides room for a drop towards 825.
2023
On the upside, there is technical resistance at 1,240, before 1,260, 1,275 and the 1,287 to 1,291 range come in handy.
Below 1240 there is technical support at levels 1220, 1200 and 1180. The next technical support comes in the area of level 1,150 to 1,140 and levels 1,130 and 1,112. The next support levels come at the levels of 1,104, 1,090, 1,080, 1,060, 1,030, 1,000 and 980. Below 980, the levels of 960, 947 and 925 are applied. The next ones come in levels 900 and 880.
A breakdown through the technical support level will trigger a sell signal with potential for a drop to the next level. A breach of the technical resistance level will trigger a buy signal with potential for the next level.
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