Novo Nordisk: Analyzing a Potential Pullback and Key levelsLong-Term Overview (3M Timeframe)
Looking at the 3-month timeframe, we can observe that OMXCOP:NOVO_B
has maintained a consistent bullish trend channel since 1990, characterized by higher highs and higher lows.
Medium-Term Analysis (1M Timeframe)
On the one-month timeframe, since the last significant pullback in 2016, OMXCOP:NOVO_B
has surged by approximately 1000%. Recently, the stock touched the upper resistance trend line and then experienced a sharp downward move, suggesting an impending pullback, which could be followed by another significant bullish run.
Key Levels (1W Timeframe)
Focusing on the one-week timeframe, we can identify crucial levels at 590 DKK, 735 DKK, and 930 DKK. Historically, these levels have acted as key resistance and support zones, making them critical areas to watch moving forward.
Fibonacci Analysis
Using Fibonacci retracement, the stock has respected the 0.236 level, reinforcing the validity of these levels as potential reversal points during the pullback. The relevant Fibonacci levels to monitor are 810 DKK, 670 DKK, and 560 DKK.
Outlook and Strategy
Given the recent price action, I anticipate that OMXCOP:NOVO_B
may form a reversal pattern, such as a double top or head and shoulders, leading to a more pronounced pullback. This pullback could have a reversal at one of the identified key levels or the lower support line within the long-term bullish trend channel.
How to Capitalize:
To capitalize on this potential move, consider monitoring smaller timeframes for signs that the pullback is concluding at the key levels. Once you identify such signals, a strategic entry could be made, with a stop loss placed just below the key support level to minimize risk.
Denmark
NASDAQ Denmark: TechnicalsCurrently in a range (yellow box + small trend lines), key levels plotted to look out for, combined with daily and weekly MAs to be used as confluences. RSI & MS trending downwards, Stochastic suggesting upwards movement. Personally wouldn't pay too much attention to these indicators.
Pandora Bullish Technical AnalysisPandora is at a low point right now. It has a strong support under and some good support-points over. If Pandore gets a good support it will start a bullish trend. When is reaches the support it could go fast and go up a lot. Pandora will follow the OMX C25 Index and go up over the next few months.
OMX C25 potential bullish trendThe OMX C25 shares had a very good bullish trend from the beginning of COVID-recession. Now the shares just finished a shoulder head shoulder bullish formation and is now testing at the support level. Now it is very possible that the shares are going to raise and reach the resistance level. Therefore we now could get a potential bullish trend where it can raise 16% over the next few months (give & take). So now is a good time to invest int this share if you are looking for a short-term investing but also a good time for a long-term.
Second of Double Bottom for XRPThe double bottom will be confirmed if the candle for today closes below .25USD cents. Retracing to an almost exact amount the previous hill. The double bottom forming here would indicate a drop to .23-.21USD cents. A 10-20% drop from the current price of .25USD cents.
The triangle drawn is a Thomas Denmark (TD) style triangle(forextraininggroup.com). It connects two relevant highs and two relevant lows in a recent time frame. Both lines follow simple logic, the horizontal line, connecting the two highs, is bearish. It is a bar of resistance. The diagonal line connecting the lows is a bullish line, trending upwards as a support for the price action looking to breakout.
Though simple the TD trend lines are a very useful analysis and can be used well in tandem with other indicators.
In this case The reason for predicting the confirmation of the second peak of a double bottom is the resistance shown in the bollinger bands lining up with the bearish, top TD line. Also, the curve of the AO indicates buyer exhaustion around the corner.
These signals in confluence with one another are enough of a reason to believe a small drop in price will occur over the next 2-5 days.
That being said the target buys would be placed between .23-.21USD.