I spy a breakout and a retest, an inverse head and shoulders, and a new high on the RSI. Where do we go from here? I say the target is about 23% higher at $30. This of course hinges on oil strength and dollar weakness, as is always the case with NOKUSD.
ENOR is a more liquid equivalent to NORW-- there is enough volume to trade it hour-by-hour rather than day-by-day. I was curious why neither ETF followed the Oslo Boers exactly and... apparently the arbitrage is from its correlation to the currency pairing NOKUSD. So really Norway ETFs' strength comes from oil strength and DXY weakeness, both of which aren't...