Technical Analysis: LFEX Norway Exporters Salmon Index, 30th October 2026

David Nye - The London Fish Exchange

Published: 2nd November 2026

This Article was Written by: David Nye - The London Fish Exchange

  

The Oslo FoB Index fell 4.79% to end the week at 68.45 NOK. The Oslo FoB Index appears go have broken below the 69.01 NOK horizontal support zone.

However, remember, these trendlines are not drawn with a razor fine pen. We need to allow a little wiggle room. The purple diagonal trendline is the next logical area to look for support. The green diagonal and the 64.91 NOK horizontal support zone can also offer price support. The Oslo FoB Index has respected the purple trendline in August and September implying the Oslo FoB Index could use the purple trend line again for price support. There is a green diagonal trendline under the purple trendline that could also offer price support above the 64.91 NOK horizontal support zone.

The Composite Index fell to the lower end of its historical displacement range. The last time the Composite Index touched this displacement low was December of 2025, it had a V bottom and the Composite Index and the Oslo FoB Index experienced steep rallies afterwards. The Composite Index also touched this displacement in October of 2025 and had more of a lop-sided W bottom. A steep rally followed this occurrence as well. The Composite Index does have a fishhook look to it. The green dashed trendline and the brown trendline intersection appears to have signaled the middle of a price move. If this is accurate, it implies a price low around October 31st plus or minus a day or two. The Composite Index is also long way away from its two moving averages. I would argue that the spread between the Oslo FoB Index is historically large. At some point, the Composite Index will close this gap by rallying.

The RSI also appears to have a small fishhook look. A small rally after a sell off. The RSI tested and reacted higher to the intersection of the brown and green dashed trendline. This intersection also implies that the Oslo FoB Index can have a change or acceleration of its current trend plus or minus a day or two. The RSI is also getting down to a displacement where it will need to rally to maintain operating in a bullish displacement range. The RSI is also a long way away from its moving averages, implying that the RSI will need to rally.

In summary, the Oslo FoB Index did have a modest price pull back after last week’s bearish divergence signals discuss in last week’s update. The Oslo FoB Index is close to the purple diagonal trendline and the 69.01 NOK horizontal support zone. There are two items implying there will be a change or acceleration of trend coming in the next few days. The indicators have both reset to the lower end of their historical ranges, implying a rally will be coming in those indicators. This week’s update is leaning strongly towards the bullish camp. I’m not seeing any bullish divergence signals within the last few weeks in the indicators. I could argue there is a bullish divergence signal between August 28, September 14 and October 30th. I didn’t draw in these divergence signals into the chart because they are getting old. The Oslo FoB Index can certainly keep heading to lower prices but there are some clues saying that a rally could be in the Oslo FoB Index’s future.

  About This Analysis

About David Nye

David is a Senior Vice President in investment advisory with over 30 years of experience.

Based in Minnesota, USA he has a long history in technical analysis across a range of markets. David brings his experience to provide an independent insight into potential salmon pricing based on LFEX and DataSalmon data.

What is Technical Analysis?

Technical Analysis is used to try and identify price trends in the future. Analysts believe that by using factual past information (trading activity and price changes) it is possible to identify future price movement trends and is quite prevalent in commodity and forex markets but can be applied to any product.

Technical Analysis has been developing for over a century, and there are now hundreds of patterns and signals that have been created. They are often used in conjunction with other forms of research and analysis to help formulate, or support pricing trend opinions.

Purpose of the Analysis?

To provide an independent data-driven view of market pricing trends in the short and medium-term. As a potential tool, for users to access future pricing trends based on LFEX/DataSalmon derived market data.

How Does it Work?

On a regular basis (weekly), David will provide his independent analysis of LFEX and DataSalmon pricing data. The output will be to provide pricing trends based on the most up to date pricing received.

The analysis will show the expected trends and potential (price) levels, as well as other markers – for example, higher or lower price triggers that would affect the analysis of the trend – and what this might mean. It is data-driven, and will not, and does not, account for any other fundamental analysis, or weather or biological events for example. This is the same for any commodity product technical analysis.

Disclaimer

All information provided contains no guarantee whatsoever, especially of completeness, accuracy, timeliness or of the results obtained from the use of this information, and is provided without warranty of any kind, expressly or implied. In no event will, LFEX Ltd or DataSalmon, its member firms, or the partners, directors, officers, owners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information or for any consequential, special or similar damages, even if advised of the possibility of such damages. In no event and under no legal or equitable theory, whether in tort, contract, strict liability or otherwise, shall LFEX Ltd or DataSalmon be liable for any direct, indirect, special, incidental or consequential damages arising out of any use of the information contained herein, including, without limitation, damages for lost profits, loss of goodwill, loss of data, work stoppage, the accuracy of results, or computer failure or malfunction