NOKSEK – Sentiment Turns Bullish, 1.0475-0510 targeted
26th February 2018
Since December NOKSEK has been attracting significant buying. But that demand stalled, continually, in the latter part of January, at the 21 week moving average. So, despite a positive break in NOKSEK RSI, through it’s own moving average, sentiment was still assessed as negative with a sequence of lower weekly highs and lows (and negative Keltner channel) the important background element.
But last week’s strong demand for NOKSEK, almost 1 3/4 big figures, ended the bearish sequence with a move to the highest levels traded since May last year.
In addition the move took the cross through both the weekly moving average and the top of the weekly Keltner channel. This confirms a fresh positive trend for the first time in a year. NOKSEK now has the potential to retest May’s 1.0475 peak and then Fibonacci extension points at 1.0510 and 1.0588.
Probably profit taking setbacks are expected to find buying interest and only below January’s 1.0279 peak would, currently, threaten the bullish bias for NOKSEK.
