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Gap Up Gain on Prior Session Triggered Technical Buy Signal - Friday, January 5, 2024
Novo Nordisk (NVO -$1.65 or -1.53% to $105.98) pulled back with average volume. On Thursday's session it gapped up and triggered a technical buy signal with a considerable gain backed by +118% above average volume. Prior highs in the $105 area defien initial support to watch above the 50-day moving average ($100.42).
NVO was highlighted in yellow in the 11/02/23 mid-day report (read here) with pivot point cited based on its 10/13/23 high plus 10 cents while building on an advanced ascending base. It was last shown in detail in this FSU section on 12/11/23 with an annotated graph under the headline, "Managed a 'Positive Reversal' but Still Below 50-Day Moving Average".
This Denmark-based Medical - Ethical Drugs firm's shares split 2-1 on 9/20/23. NVO reported Sep '23 quarterly earnings +69% on +39% sales revenues versus the year-ago period, its 3rd strong quarter well above the +25% minimum earnings guideline (C criteria). Annual earnings growth has been slow and steady. It has a 97 Earnings Per Share Rating, well above the 80+ minimum for buy candidates.
The number of top-rated funds owning its shares rose from 372 in Dec '22 to 470 in Sep '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.1 is an unbiased indication its shares have been under slight accumulation over the past 50 days. It has a Timeliness Rating of B and an Accumulation/Distribution Rating of B.
Managed a "Positive Reversal" but Still Below 50-Day Moving Average - Monday, December 11, 2023
Novo Nordisk (NVO +$0.01 or +0.01% to $96.65) suffered a 5th consecutive loss with lackluster volume. It gapped down on 11/28/23 then steadily slumped below its 50-day moving average (DMA) line in recent weeks. A prompt rebound above the 50 DMA line is needed for its outlook to improve.
NVO was highlighted in yellow in the 11/02/23 mid-day report (read here) with pivot point cited based on its 10/13/23 high plus 10 cents while building on an advanced ascending base. Disciplined investors will note that it did not produce the subsequent gains for new highs backed by at least +40% above average volume needed to trigger a technical buy signal. It wedged higher with gains lacking volume conviction.
This Denmark-based Medical - Ethical Drugs firm's shares split 2-1 on 9/20/23. NVO reported Sep '23 quarterly earnings +69% on +39% sales revenues versus the year-ago period, its 3rd strong quarter well above the +25% minimum earnings guideline (C criteria). Annual earnings growth has been slow and steady. It has a 97 Earnings Per Share Rating, well above the 80+ minimum for buy candidates.
The number of top-rated funds owning its shares rose from 372 in Dec '22 to 448 in Sep '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.3 is an unbiased indication its shares have been under accumulation over the past 50 days. It has a Timeliness Rating of B and an Accumulation/Distribution Rating of B.
Approaching Prior High With Strong Fundamentals - Thursday, November 2, 2023
Novo Nordisk (NVO +$3.25 or +3.33% to $100.93) was highlighted in yellow in the earlier mid-day report (read here) with pivot point cited based on its 10/13/23 high plus 10 cents while building on an advanced ascending base. Subsequent gains for new highs backed by at least +40% above averqage volume are needed to trigger a technical buy signal.
This Denmark-based Medical - Ethical Drugs firm gapped up today challenging its all-time high. It found support after briefly undercutting its 50-day moving average (DMA) line in recent weeks. Shares split 2-1 on 9/20/23.
NVO reported Sep '23 quarterly earnings +69% on +39% sales revenues versus the year-ago period, its 3rd strong quarter well above the +25% minimum earnings guideline (C criteria). Annual earnings growth has been slow and steady. It has a 96 Earnings Per Share Rating, well above the 80+ minimum for buy candidates.
NVO reported Sep '23 quarterly earnings +69% on +39% sales revenues versus the year-ago period, its 3rd strong quarter well above the +25% minimum earnings guideline (C criteria). Annual earnings growth has been slow and steady. It has a 96 Earnings Per Share Rating, well above the 80+ minimum for buy candidates.
The number of top-rated funds owning its shares rose from 372 in Dec '22 to 455 in Sep '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.5 is an unbiased indication its shares have been under accumulation over the past 50 days. It has a Timeliness Rating of A and an Accumulation/Distribution Rating of B+.
