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27 minutes ago
- Yahoo
Watch These Novo Nordisk Stock Price Levels After Last Week's 33% Drop
Key Takeaways Novo Nordisk's U.S.-listed shares were slightly higher in recent trading after shedding a third of their value last week, when the company cut its full-year outlook and named a new CEO. The shares had resumed their steep downtrend last week on above-average volume, indicating selling conviction from larger market participants. Investors should watch major support levels on Novo Nordisk's chart around $36 and $29, while also monitoring key overhead areas near $60 and $ Nordisk's (NVO) U.S.-listed shares were up about 2% in recent trading after shedding about a third of their value last week, when the company cut its full-year outlook and named a new CEO, leading Wall Street analysts to downgrade the stock. Since hitting a record high in June last year, Novo Nordisk shares have lost roughly two-thirds of their value, pressured by increasing competition from rival Eli Lilly's (LLY) weight-loss drugs and challenges during trials of the company's next-generation obesity drugs. Below, we take a closer look at Novo Nordisk's weekly chart and use technical analysis to identify major price levels that investors will likely be watching after last week's dramatic sell-off. An Extended Downtrend With last week's drop, Novo Nordisk shares resumed their steep downtrend on above-average trading volume, indicating selling conviction from larger market participants. The sell-off coincided with the relative strength index (RSI) falling to its lowest levels since early May, signaling weakening price momentum, though the indicator neared its oversold threshold, increasing the chances for short-term bounces. It's also worth noting that the 50-week moving average continues to converge toward the 200-week MA, potentially setting the stage for an ominous death cross, a bearish pattern that forecasts lower prices. Let's identify two major support levels on Novo Nordisk's chart worth watching if selling resumes this week and also point out several key overhead areas to monitor during potential recovery efforts. Major Support Levels Worth Watching The first major lower level to watch sits around $36. This area would likely provide support near the upper range of a consolidation period that formed on the chart between October 2020 and April 2021. A more significant move lower could see the shares test lower support at the $29 level. Investors may look for buying opportunities in this area near a horizontal line that connects a range of corresponding price action on the chart between January 2018 and April 2020. Key Overhead Areas to Monitor An initial recovery effort could see the shares climb to overhead resistance around $60. The price may encounter selling pressure in this area near the prominent April trough and April 2022 peak. A more bullish upswing opens the door for a rally toward $78. Investors who have bought Novo Nordisk shares at lower levels may decide to lock in profits in this location near the June peak, which closely aligns with the completion of a pullback in July 2023. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
27 minutes ago
- Yahoo
Panama ports challenge could turn into Trump win
Panama's comptroller general has asked the country's supreme court to review CK Hutchison's contract to operate the ports of Balboa and Cristobal. Hutchison of Hong Kong ( operates the maritime centers through its Panama Ports subsidiary as part of an agreement signed in 1997, and extended in 2023 for another 25 years. The move comes after Beijing said it could block the $23 billion sale of Hutchison's 43 marine terminals to U.S.-based investor BlackRock (NYSE: BLK) and Mediterranean Shipping Co. of Switzerland, on anti-trust grounds unless a Chinese business, thought to be state-run shipping giant Cosco, was cut in on the deal. Panama in the two cases filed July 30 wants the high court to cancel the contract as unconstitutional. If the agreement is nullified and a new operator solicited, BlackRock, the world's largest infrastructure fund, could be in line to make a bid to run the ports. The pact was 'unfair' and 'abusive,' Comptroller General Anel Flores was quoted as saying. He alleged that Panama Ports Company failed to pay sufficient royalties, and that the extension came without the required authorizations. 'It doesn't seem correct that in other [parts of the world] there are people negotiating the future of assets that belong to us, the Panamanians,' Flores said, referring to Cosco's potential involvement. Flores kicked off Panama's port fight after President Donald Trump in his January inauguration speech promised to take back control from what he said was China's influence over the Panama Canal. The same day Flores said he would open an audit of Panama Ports Company. The sale of CK Hutchinson's ports unit, Hutchison Port Holdings, has been on hold since July 27, when an exclusive negotiating period with BlackRock ended. Two days later, French shipping conglomerate CMA CGM of France, which operates global container terminals including in the U.S., expressed interest in the business. The post Panama ports challenge could turn into Trump win appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27 minutes ago
- Yahoo
NCAA Tournament fields to remain at 68 teams in 2026, but future growth is possible
The NCAA men's and women's basketball tournaments will not expand beyond 68 teams in 2026, but future growth remains on the radar. 'Expanding the tournament fields is no longer being contemplated for the 2026 men's and women's basketball championships," Dan Gavitt, NCAA senior vice president of basketball, said in a statement on Monday. "However, the committees will continue conversations on whether to recommend expanding to 72 or 76 teams in advance of the 2027 championships.' NCAA President Charlie Baker has said adding teams could add value to the tournament, and he said the NCAA already has had 'good conversations' with TV partners CBS and Warner Bros., whose deal runs through 2032 at the cost of around $1.1 billion a year. ___ AP college basketball: and
