Rockwool AS, ser B (ROCKB.CO)

Automatic technical analysis. Medium term, Dec 23, 2024

Rockwool AS, ser B has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The price has had a strong fall after the negative signal from the rectangle formation at the break down through the support at 2950. The objective at 2706 is now met, but the formation signals further development in the same direction. The stock has broken down through support at kroner 2700. This predicts a further decline. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the stock. The short term momentum of the stock is strongly negative, with RSI below 30. This indicates increasing pessimism among investors and further decline for Rockwool AS, ser B. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The stock is overall assessed as technically negative for the medium long term.

Recommendation one to six months: Negative (Score: -75)