Alvotech's Share Price At A Critical Juncture

As with the OMX Iceland equity indices, I am looking for potential signs that the share prices of constituent stocks are turning from bearish to bullish. Here I share my thoughts on the prices of Alvotech´s and Kvika banki´s stocks, as traded in their home market.

Share Price of Alvotech

Alvotech is the largest company in the Icelandic stock market in terms of market capitalization. A lot of expectations have been built into its share price, with ensuing high volatility. The price has managed to stay above an upsloping trend line on a closing basis for the past nine days.

If the price declines below the line, then I think the 1550 price per share level underneath becomes the next potential support. On the chart, I have also marked the other levels below and above current price which I consider to be important going forward. The green and red lines tracking the price bars is my proprietary SwingPlotter indicator.

Daily chart

Share Price of Kvika banki

Kvika´s stock price has been in a well-defined downtrend for a long time, as can be seen on the weekly chart. After a strong push up and above a downsloping trend line, the price is back below it. If the price is in the process of establishing a long-term bottom, it must hold the 1325 level in terms of a weekly close.