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Technical Update - Maersk uptrend fragile and could be demolished
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Maersk trading lower after earnings. Investors seem split over direction of share price and the fragile uptrend is in jeopardy. Above 14,295 will confirm bullish outlook
Maersk B is volatile after earnings. After an initial sell-off the share price bounced off the 100 daily Moving Average.
RSI is still showing positive sentiment and with no divergence meaning an indication of Maersk is likely to be trading higher in coming weeks.
If RSI closes above its falling trendline and back above the 60 threshold there is strong indication that Maersk will take out July peak at 14,295.
Medium-term Maersk has established a fragile uptrend. It is not yet confirmed by RSI which is still showing negative sentiment. It needs to close above 60 to change that.
the 200 weekly Moving Average is acting as a resistance level but a close above 14,295 will further confirm an uptrend both short- and medium-term.
If Maersk slides back to close below 13,000 the uptrend is likely to be demolished.
Support at around 12,740.
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