Following up on my prior post on the Icelandic equity market indices. Iceland´s Stock Market Indexes Continue To Improve | TalkMarkets
In my opinion, both the all-share index (OMXIPI) and the selection-share index (OMXI15) are now in long-term uptrends,
Below I show the performance of the indexes on weekly charts. In September 2024, I drew by hand the blue curved lines. Their upward parts (right sides) serve as potential roadmaps for the indices and might act as possible support areas going forward.
If the all-share index takes out the 2488 level in a convincing way, then the zone from the swing high of the year 2022 (2664) up to 2705 becomes the next potential target. Further up is the 2895-2930 target area.
My next possible target zone for the selection-share index comes in at 3218-3256.
Those target areas assume that the uptrends continue and may be revised up or down depending on the changes in the momentum and trend structures.
OMXIPI - Weekly Chart
OMXI15 - Weekly Chart
More By This Author:
The Price Of Kvika Banki's Shares In An Uptrend
Iceland´s Stock Market Indexes Continue To Improve
Non-Confirmation Between Small Cap And Large Cap Stock Indices
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