Novo Nordisk's Amycretin beats others. Trading idea 12/03/24
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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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
