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 happening at the moment. Moving up in an ascending channel... only a matter of days until we break.
Comment:
The short is over. Oil, shipping, natural gas are strong again. The DXY might show some weakness despite its recent breakout. The Oslo Boers is coiling up before a breakout. Now is a good time to make a long position.