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The long-term trend of the OMX Iceland All-Share Price Index (OMXIPI) seems to be turning upward. I want to see two things to confirm the potential trend reversal to the upside: 1) a convincing breakout and a weekly close above 2349, and 2) the stock index must begin to perform better than the Treasury bond index (NOMXIBB) as reflected in the ratio of the two indices pushing convincingly through its downward sloping trend line.

OMXIPI – Weekly Chart

Seemingly, the OMX Iceland 15 Index (OMXI15) has formed or is forming some type of a potential cup-and-handle pattern. A convincing weekly close above 2765 is needed to confirm it.

OMXI15 – Weekly Chart

Marel´s stock price broke convincingly through the 517 ISK per share level on increased volume. The long-term trend has probably turned to the upside, so I expect higher prices in the coming weeks. A while ago, JBT Corporation launched a voluntary takeover offer to acquire all issued and outstanding shares of Marel.

Share Price of Marel – Weekly Chart

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