Technical Analysis: LFEX Norway Exporters Salmon Index, 4th November 2022

David Nye - The London Fish Exchange

Published: 7th November 2022

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

  

The Oslo FoB index has broken the green up sloping trend line. There is a grey up sloping in the low 60’s NOK.

There is also horizontal support at 65.31 NOK. The Composite Index has broken the purple support line. The RSI is also continuing it’s move down and the moving averages displacement is turning negative. If the RSI rallies back up to test the negative displacement of its moving averages and fails would stronger bearish development. Both indicators have used this displacement as support and resistance in the their history.

The bulls still have a chance, but they need to step up soon or this bounce since July could be a rally in a bear market. In previous updates, I commented that there is still a chance the Oslo FoB index can see the 37 NOK area. I put that information back into this update for your review. The bottom of the green rectangle price is a possible target for the Oslo FoB index near the 37 NOK price area.

I’m still looking for a market that leads the Oslo FoB index and the Miami FoB index. I’ve included a second chart with the Oslo FoB Index, the blue line in the chart. The green line is the US Dollar Index and the brown line is the Miami FoB Index. Usually when the US Dollar Index rallies, most commodities move in the opposite direction and vice versa.

  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