Technical Analysis: LFEX Norway Exporters Salmon Index, 14th November 2025

David Nye - The London Fish Exchange

Published: 17th November 2025

This Article was Written by: David Nye - The London Fish Exchange

  

The Oslo FoB Index rallied 13.59% during this week of trading to end the week at 87.58 NOK. The Index rallied above two horizontal resistance zones and appears to be heading to test the 89.31 NOK horizontal resistance zone.

The red dashed upper trendline will intersect the 89.31 NOK resistance line next week. The Oslo FoB Index has used this red dashed trendline as resistance two prior times since the July 2025 price low.

I did make some minor adjustments this week to the horizontal resistance zones using more recent price data. I added some resistance zones at higher prices. This Oslo FoB Index tends to make some wild price swings during this time of year. I also added the two closest green horizontal support zones this week. The Oslo FoB Index continues to make higher price highs and higher price lows.

The Composite Index has rallied from the lower end of its historical displacement range the higher end of its historical displacement range during this week of trading. The Composite Index does have history of making displacement highs at its current displacement. The Composite Index is also showing bearish divergence vs. the Oslo FoB Index and the RSI. This means the move up is losing momentum. The trendlines that crossed this week on the Composite Index appears to have signalled the start of this move to higher prices.

The RSI has also moved to the higher end of its historical displacement range during bull markets. The RSI also has history of making displacement highs at this displacement. The RSI is also testing the underside of the green trendline drawn from a previous divergence signal.

In summary, the Oslo FoB Index continues to show strong evidence that the 2025 seasonal price lows are in. The Oslo FoB Index is continuing to make higher price highs and higher price lows. However, nothing goes straight up. The Composite Index is saying the move up is currently losing momentum. Meaning, we can continue to move to higher prices but at some point, the Composite Index and the RSI will need pull back to fuel another rally. This is a shorter version of my usual updates, but the message is clear. Buy the Oslo FoB Index on price pull backs.

  About This Analysis

About David Nye

David is a Senior Vice President in investment advisory with over 30 years of experience.

Based in Minnesota, USA he has a long history in technical analysis across a range of markets. David brings his experience to provide an independent insight into potential salmon pricing based on LFEX and DataSalmon data.

What is Technical Analysis?

Technical Analysis is used to try and identify price trends in the future. Analysts believe that by using factual past information (trading activity and price changes) it is possible to identify future price movement trends and is quite prevalent in commodity and forex markets but can be applied to any product.

Technical Analysis has been developing for over a century, and there are now hundreds of patterns and signals that have been created. They are often used in conjunction with other forms of research and analysis to help formulate, or support pricing trend opinions.

Purpose of the Analysis?

To provide an independent data-driven view of market pricing trends in the short and medium-term. As a potential tool, for users to access future pricing trends based on LFEX/DataSalmon derived market data.

How Does it Work?

On a regular basis (weekly), David will provide his independent analysis of LFEX and DataSalmon pricing data. The output will be to provide pricing trends based on the most up to date pricing received.

The analysis will show the expected trends and potential (price) levels, as well as other markers – for example, higher or lower price triggers that would affect the analysis of the trend – and what this might mean. It is data-driven, and will not, and does not, account for any other fundamental analysis, or weather or biological events for example. This is the same for any commodity product technical analysis.

Disclaimer

All information provided contains no guarantee whatsoever, especially of completeness, accuracy, timeliness or of the results obtained from the use of this information, and is provided without warranty of any kind, expressly or implied. In no event will, LFEX Ltd or DataSalmon, its member firms, or the partners, directors, officers, owners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information or for any consequential, special or similar damages, even if advised of the possibility of such damages. In no event and under no legal or equitable theory, whether in tort, contract, strict liability or otherwise, shall LFEX Ltd or DataSalmon be liable for any direct, indirect, special, incidental or consequential damages arising out of any use of the information contained herein, including, without limitation, damages for lost profits, loss of goodwill, loss of data, work stoppage, the accuracy of results, or computer failure or malfunction