Is Novo breaking out of a falling trend channel?Novo Nordisk A/S Class BOMXCOP_DLY:NOVO_BscorpirisIn 2024, Novo formed a head–shoulder pattern with a breakdown at the end of September. Since then, the stock has been moving within a falling trend channel until now. On September 18 this year, the stock broke above the trend channel by 6–7% on increased volume. It has since pulled back to test the upper line of the channel and is now moving up again. There is resistance around 390. If the stock breaks significantly above this level with rising volume, it will be clearly technically positive. Price momentum indicators are currently neutral, and the stock remains within a red Ichimoku cloud, but RSI 21 is trending higher. The stock is slightly technically positive at this point but could quickly turn decisively positive if it breaks above 390. The analysis covers a medium-term horizon (1–6 months). Fundamentals: Fundamental analysts remain broadly positive on the stock. “Novo announced a global restructuring affecting 9,000 employees. The purpose is to increase decision-making speed, strengthen performance culture, and redirect resources toward growth areas within diabetes and obesity ... Despite short-term uncertainty, we assess that growth potential remains attractive (though somewhat lower than previously expected). The pipeline is strong, and Novo remains in a leading capacity position.” Quoted from Jyske Bank, Denmark. Disclaimer: I hold a position in the stock. Note: You must do your own research and assessment before buying or selling shares.