NOKSEK – Selling pressure accelerates
29th June 2017
After 3 weeks of minor gains, selling pressure in NOKSEK has been renewed this week. In fact negative momentum has accelerated – taking the cross to the most bearish levels traded since August 2016.
NOKSEK RSI signals have been bearish all year but the spot only confirmed this with a negative crossover of the 21 week moving average in March, after a lower high was formed in February.
Since that cross confirmation NOKSEK has declined by more than 3 1/2 big figures, consistently tracking the lower end of a falling Keltner channel. Rallies have failed near the 13 week moving average line (matched by RSI rallies also failing below it’s average rate).
This latest deterioration emphasises the underlying tone and exposes NOKSEK sentiment to 1.0065, a 62% correction of last year’s rise, then .9946.
We will continue to monitor this move and price action can be monitored on our Trend Table.
