Technical Analysis: LFEX Norway Exporters Salmon Index, 30th January 2026

David Nye - The London Fish Exchange

Published: 2nd February 2026

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

  

The Oslo FoB Index rallied 20.07% during this week of trading to finish the week at 90.94 NOK. I made several small adjustments to the horizontal support and resistance zones.

The Oslo FoB Index made a lower price low vs the price low from Wednesday December 17, 2025. It will be interesting to see at what price the Oslo FoB uses for resistance during this rally. Will the trend of higher price highs and higher price lows resume or does the Oslo FoB Index made a lower price high? I adjusted the five diagonal trendlines originating from the July 2025 price lows.

The bullish divergence signal highlighted in last week’s update in the Composite Index is working. However, now the Composite Index has rallied and is approaching the higher end of its historical displacement. The Composite Index is also testing the purple trendline. The Composite Index has history of making displacement turns at its current displacement level. I’d suggest to the reader to look at where the Composite Index typically fails during bear markets for the Oslo FoB Index. Can the Composite Index continue to move higher, absolutely. I’m not seeing any obvious bearish divergence in the Composite Index. Notice that there are two trendlines crossing in the next two weeks inside the Composite pane.

The RSI has also made a large rally in its displacement during this week of trading. Long term readers of this update know that the RSI operates within a bullish and bearish displacement ranges. The displacement low from last week’s price low is within the bearish zone. The higher end of the bearish displacement range is around the 65 to 70 displacements. Each security has its own individual range bullish and bearish displacement ranges in the RSI. It would be wise for the reader to go back and look at where the RSI puts in displacement highs during bear markets. I’m not seeing any obvious divergence signals within the RSI currently. It will be telling at what the displacement the RSI uses for resistance during this swing up in price.

In summary, the Oslo FoB Index had an impressive rally in price during this week of trading. I’m not seeing any obvious bearish divergence in the indicators. However, the Composite Index is testing the purple trendline and is near the upper end of its displacement range. The Composite Index is also approaching the maximum displacement range it has used during bear markets within the available history of data. The Composite Index will need to reset lower at some point. The next price resistance zone is 92.65 NOK. There is a confluence of price resistance near 99.75 NOK.

  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