Novo Nordisk - eyes on trendline support as earnings due tomorrow

Taking a look at Novo as the pharma giant is set to report its quarterly earnings tomorrow as the earnings season is nearing its end. Currently, the company’s shares are trading at around $127.46 a share in the pre-market trade and are up 1.3% on the day. The daily chart shows that the price sits just above the trendline support, which dates back to the October lows. This trendline should act as key support until the earnings outcome, the earnings may act as a catalyst for the short term. Given the current global market sentiment, anything but a beat in earnings could lead to a decline in price. Trendline support reads just around $120, a break below here would shift the focus to January highs of around $108-$109. Towards the upside, near-term resistance sits between $134-$135. A move above here may lead to an extension towards $140. However, the technical indicators are now within bearish territory on the daily chart, suggesting that downside momentum is more favourable. Despite this, fundamentals have proven that they can overshadow indicators, at least in the short term.