Technical Analysis: LFEX Norway Exporters Salmon Index, 2nd January 2026

David Nye - The London Fish Exchange

Published: 5th January 2026

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

  

The Oslo FoB Index fell 4.88% during this week of trading. The time frame to calculate the 4.88% decline was from 12/23/25, the last price published during the prior week, to the closing price today, 1/2/26.

I updated the chart to include the red dotted horizontal price resistance zones above 95.99 NOK.

The seasonal price highs usually come in the spring, in the northern hemisphere, each year, within the available history. The price highs for last season arrived on 12/31/25. This was different compared to the prior years. Could the season price highs be in for this season? Possibly, but this isn’t my primary view currently. The indicator displacements, amongst other things, don’t look like the seasonal prices highs are in.

The Oslo FoB Index is testing the 95.99 NOK horizontal support zone. The trend of higher price highs and higher price lows is continuing.

The Composite Index is displaying bullish divergence from 12/29/25 through today. The Composite Index has been working its way higher vs the RSI and the Oslo FoB Index continuing to fall. I removed all the trendlines from the Composite Pane to make the bullish divergence easier to see for the reader. Look at where the Composite Index last touched the red moving average to today. It’s been moving higher vs the RSI and the Oslo FoB Index moving lower. The Composite Index does not have much recent history of making displacement turns at its current location.

The RSI is testing the displacement lows from early November 2025. The good news for the bulls is if the RSI respects this displacement and holds, the Oslo FoB Index had a sharp rally coming off this displacement in November.

In summary, this is another shorter update around the holidays. The Oslo FoB Index is testing a horizontal support zone and I’m seeing bullish divergence in the indicators. The bullish divergence means the move down is losing momentum. It doesn’t mean that the Oslo FoB Index can’t test lower support zones, but the move down is running out of energy. As an investor, this would be an area to pay attention to but this wouldn’t be a place where I would recommend going “all in” on a trade.

Happy New Year.

  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