Novo Nordisk's Amycretin beats others. Trading idea 12/03/24

BATS:NVO   Novo Nordisk A/S
Novo Nordisk's CEO, Lars Fruergaard Jørgensen, has announced that the company's experimental weight loss pill, "Amycretin," could become a leading medication in its class. In an early-stage study, participants lost an average of 13% of their body weight after 12 weeks. By comparison, patients using the injectable diabetes weight loss medications Ozempic and Wegovy lost about 6% of their weight over the same period.

Given this development, there's significant interest in Novo Nordisk ADR (NVO) stock performance.

On the daily (D1) timeframe, a resistance level at 128.77 was breached, with support moving towards 123.97. The current resistance is at 138.28, indicating a continuation of the upward trend that began at the end of January this year.

For the hourly (H1) timeframe, long positions may be appealing upon a rebound from the 128.77 level, aiming for a short-term target of 138.28. From a medium-term perspective, holding a long position of up to 148 could be considered.

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