I wrote about Fedex and UPS last week in the context of companies benefitting from continued growth in ecommerce. On my morning click through of markets, I was reminded of this on seeing Denmark's outperformance and the fact that it plays host to some of the world's largest shipping and logistics companies.
DSV has a relatively similar pattern to the KFX Index and is among the world's larger logistics companies. A break in its progression of higher reaction lows would be required to question medium-term scope for additional upside.
On looking at the wider market, Novo Nordisk is an original member of our global Autonomies list and is also an S&P Europe 350 Dividend Aristocrat yielding 1.84%. The share has been consolidating mostly below DKK1000 for much of the year and has returned to retest that level over the last month. A sustained move above it would reassert medium-term demand dominance.
Carlsberg has been subject to some quite remarkable volatility since 2008 but has returned to retest the DKK600 peaks. A break in the progression of higher reaction lows, currently near DKK550, would be required to question potential for a successful upward break.
Vestas Wind continues to extend its rebound from historically depressed levels, in what has been an impressive performance for the renewable energy sector this year. A sustained move below DKK140 would be required to question the consistency of the medium-term advance.