Signals for sentiment for NOKSEK have been bearish since March. Rally attempts attracted fresh selling interest at lower levels during that time. That is until the last couple of months where, despite being unable to test the key 21 week offset moving average, gradually higher lows have developed.

That, coupled with a positive break of the RSI moving average in mid-July, gave warning signals that the bear trend for NOKSEK was threatened.

Last week’s strong rise, the 2nd in succession, broke above the 21 week moving average in spot NOKSEK to confirm this new medium term bias.

After higher levels at the beginning of this week a sharp reaction in NOKSEK took prices back to the moving average and the mid-point of the weekly Keltner channel but. interestingly, the area between those 2 points attracted fresh demand and the resulting rally, despite the likelihood of net downside over these 5 days, confirms positive investor sentiment for NOKSEK.

As per our trend table, the immediate upside NOKSEK targets are 1.0417 and 1.0475.

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