Marine Harvest Group 25.02.2008

Today we take a quick look at MHG and see how the stock price has developed since last time we looked at the stock (19.02.2008). Last time we said that a resistance level was developed at 2.77 NOK and that we recommended a buy if the resistance level was broken. Since then we had a close exactly at 2.77 NOK once but with no successful breakout (a close above 2.77 NOK). Today there was a relatively big fall in the stock price for MHG and the stock price ended at 2.51 NOK. Next support level is to be found at 2.39 NOK. We also see that the lower support line in the rising RSI trend channel is broken which is a negative signal. We were optimistic to MHG last time we looked at the stock specially if the 2.77 NOK level was broken, and we recommended to buy if 2.77 NOK level was broken. This did not happen and we therefore recommend to wait a bit now if you want to buy the stock. Important resistance levels to look for the days to come is 2.58 NOK, 2.64 NOK, 2.69 NOK and 2.77 NOK with support level at 2.39 NOK.
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Global Geo Services 22.02.2008

The stock price for Global Geo Services has been in a downward movement since end August 2005 when the stock price was as high as 15.19 NOK. A so far low since end August 2005 was reached January 22nd this year when the stock price was as low as 1.17 NOK. After that the price has raised and ended today at 1.68 NOK. The latest stock price movements has caused several support and resistance levels to be developed. We find the first resistance level at 1.71 NOK and first support level at 1.66 NOK. RSI is in a weak falling medium long term trend with a positively short term development. RSI is still above 50 which is positive. We also see a divergence between RSI-lows and price-lows which is also positive. It seems like there is a good chance for the resistance level at 1.71 NOK to be tested the coming days. If the resistance level is broken next resistance level is at 1.80 NOK. As RSI is quite high in its trend channel there is plenty of room for a fall in stock price meaning that the risk is currently high. If you want lower risk wait until the falling RSI trendline is broken before you buy. If there is a fall in stock price the days to come and the support level at 1.57 NOK still holds, 1.57 NOK could be a good entry.

Petrolia Drilling 21.02.2008

Petrolia drilling has been in a long downward movement since mid-June last year when it was as high as 3,70 NOK. It reached a so far low mid-January at 1.61 NOK but has since risen and today it closed at 2.05 NOK. Several support and resistance levels has been developed from the last price movements, and todays close ended exactly at the resistance level at 2.05 NOK after being as high as 2.07 NOK during the day. The trend channels for both RSI and the price is negative but there was a breakout from the negative RSI trend channel last week. This must be regarded as a positive signal indicating a possible breakout from the 2.05 resistance level. RSI has ended over 50 which must also be regarded as positive. The stock could still fall a bit the days to come as RSI leaves room for this. A potential fall would be down to about 1.94 NOK where we find the support level. On the other hand if we get a breakout from the resistance level the stock could rise to about 2.15 NOK at first. If the stock falls back down to 1.94 NOK and the support level holds, buy at the 1.94 level if possible. This could be an excellent entry point.

Marine Harvest Group 19.02.2008

Today we take a look at Marine Harvest Group - MHG. The stock has taken a beating lately with a so far low (latest months) last Friday when the Q4 results was presented. Intraday Friday the stock was down to 2.39 NOK but closed at 2.72 NOK. Today the stock price ended at 2.72 NOK after being as high as 2.88 NOK. It has turned out that John Fredriksen has bought a large amount om shares and are now controlling about 30% of the company. Looking at the chart we see that a resistance level at about 2,77 NOK has been established. This level has been tested and broken the two last days without any successful closing breakout. We also see a nice falling trend channel in the price chart. Looking at the RSI chart we see a rising trend channel, meaning that we have a divergence between price and RSI. This is a very positive signal and could lead to a breakout from the 2.77 NOK level the days to come. RSI is also low in its channel leaving room for a rise in stock price. On the downside there is also room for a small fall in stock price according to the RSI trend channel. Therefore the potential fall at this stage is small compared to the potential upside. If the resistance level at 2.77 NOK is broken, buy on possible pullbacks down to 2.77 NOK and set your stoploss according to your trading plan - probably just below 2.77 NOK. If you want higher risk buy at todays levels but keep a tight stoploss due to higher risk.

OSEBX 18.02.2008

OSEBX has since the breakout through the 410 resistance level proved strong and stayed above the 410 level which has now become a support level. There has also been a breakout of the falling RSI trendline which is very positive. Looking closer at the RSI we also see that the falling trendline was tested as support line on Friday. Looking forward at the days to come the 410 level will still be important as it is now a support line. Next resistance level is to be found at 426.

OSEBX 14.02.2008

Today OSEBX broke out of the three week resistance line at 410 which now leaves room for a rise to 426, but we can still expect a small fall tomorrow to test the 410 level. This is very dependent of what happens to the US market today. Hopefully the 410 level will prove strong and hold in case of a fall tomorrow. What was also positive today is that the falling RSI trendline was broken indicating a rising trendline is on its way. RSI also passed the 50 level today indicating further positive development for OSEBX.

TGS 12.02.2008

Since September last year TGS has more or less been in a downward movement with a so far low at January 22nd. Nevertheless since January 22nd. the stock price has risen and has now stopped at the resistance level of about 77 NOK. This resistance level is strong and we can expect some consolidation before breaking out of this level. How long this consolidation could last is probably a couple of days which fits perfect with the release of 4th quarter results. With a strong result the 77 NOK level will be broken which could give us a rise in price up to about 90 NOK. If not a strong result is presented we can see a drop in price to the 73 NOK level and 69 NOK level. Use the days towards Q4 results for possible accumulation at 73 NOK if lucky. It seems not likely that the stock price will fall back to 69 NOK the first few days unless something special happens.

OSEBX 11.02.2008

As expected OSEBX fell back to the support level of 391 today. Todays low was actually below the support level but in the end OSEBX finally stopped above 391. This was a good sign and could lead to a rise for the index back towards the resistance level at ~409. If the support level will not hold tomorrow we can see a fall down to 384 at first. If this level should fail as support then this is a really strong negative sign. But first thing first, hopefully the 391 level will hold tomorrow and we can have a rise towards 409.

OSEBX 08.02.2008

Today we will look at the Oslo Stock exchange benchmark - OSEBX. 2008 has not been a good year in the stock market so far. One negative thing after the other has reached the news, and the big question is: are we on the move towards recession?
By applying Fibonacci retracement to OSEBX we clearly see some support and resistance levels. The 410 resistance level is very strong and has been tested for over two weeks without any successful breakout. Also we see the support level at about 391 which is strong. But as the 410 level still holds it could mean that OSEBX is on its way down to about 385 at first and then 378 unless positive market data comes in. On the upside there is room for movement to 426 at first.