Technical Analysis: LFEX Norway Exporters Salmon Index, 21st November 2025

David Nye - The London Fish Exchange

Published: 24th November 2025

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

  

The Oslo FoB Index fell 8.15% this week to finish the week at 80.44 NOK. The Oslo FoB Index is now testing the 81.06 NOK and lower red dashed trendline that connects four prior price lows.

The Oslo FoB Index spent this week rolling back from the higher dashed red line to test the lower dashed red line. I added the two nearest resistance zones above th]e current price to the chart this week. This is the only noticeable changes I made to the price chart this week.

The Composite Index has reset from the higher end of its historical displacement zone and is currently testing the dark and light purple trendlines. It appears the Composite Index has broken below the trendline that connects the displacement lows from June and July 2025. These trendlines could offer additional support for the Composite Index. The two purple trendlines that crossed over last Wednesday appears to have signalled the “middle of the move” or an acceleration of trend. I’m not seeing any bullish divergence between the Composite Index and the Oslo FoB Index. However, the Composite Index is diverging with the RSI. I added a pink trendline to the RSI and Composite Index panes to help the reader see the divergence. The Composite Index doesn’t have a lot of history of making turns at its current displacement.

The RSI has also pulled back from a historically high displacement . The RSI is at a lower displacement than its most recent displacement low while the Oslo FoB Index is at a higher price. The RSI is more oversold at higher prices. This is bullish behavior. The RSI does have some history of making changes at its current level but not an overwhelming amount.

In summary, the Oslo FoB Index is testing support from a horizontal support zone and the lower dashed red trendline. The Oslo FoB Index has used the red dashed trendline for support in recent history. There is confluence of support around the 81 NOK price level. This is happening while the Composite Index and the RSI are displaying bullish divergence. This is a bullish setup for the Oslo FoB Index. Can the Oslo FoB Index continue to trend down to lower prices? Absolutely! However, the bullish divergence is saying that the move down in price is losing momentum or the trend is changing.

  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