Novo Nordisk (NVO) Analysis


Chart done on five minute and daily timeframe. Novo Nordisk has been good to its investors in 2023, but it has struggled in recent months to clear the 105.00 mark to reach another new high. The biggest success for them this year was their August earnings, which led to a “Power Earnings Gap”. Companies that post earnings that impress Wall Street can experience this Power Earnings Gap, and it can lead to weeks and months of upside movement. 

Looking at the daily timeframe for a multi-week outlook, we can see NOV’s primarily range in focus is between 87.00-106.00. That is a wide range with a lot of downside risk if you’re using the 87.00 as a stop loss point. There is also a support within that range at 92.80. 

Looking at the five minute timeframe for a multi-day set-up. The resistance in focus is 103.60. A move above that has a price target of 106.00. Support to use stop loss is 101.00.

Options Chain Analysis:

Although a foreign company, NVO still has an impressive amount of options activity, but the sentiment seems to be split. Both calls and puts have open interest into late January, with a bit more leaning towards the bullish side.