Week Ending: 28 August 2026

Norway NO Basic Materials Industry

Other Industrial Metals & Mining

For the week ending 28 August 2026, Other Industrial Metals & Mining declined 7.25% with 0 advancing, 2 declining, and 1 unchanged constituents. The index is equal weighted and the constituent tape shows uncapped security returns.

Current architecture Downward Expansion

The activity fan is bearishly ordered below the Trend Line with price accepted beneath it.

29 technical evidence
Index114.09 1 week-7.25% Breadth0% Members3
Country 🇳🇴 Norway · NO
Sector Basic Materials
Universe country-listed
Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture
Current architecture Downward Expansion 15 completed weeks in this state
Trend acceptance -35.8% Index versus Trend Line
Persistence 100% Negative across every horizon
Participation 0% 0 advancing, 2 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Defensive posture

The weight of trend, participation and relative evidence favours capital protection over new exposure.

29 technical evidence
out of 100
Evidence balance

Five-pillar map

Defensive
Trend
14
Breadth
15
Persistence
50
Relative
50
Risk quality
37
What supports the view
  • No major confirming factor has secured control.
What restrains conviction
  • Index trend architecture has not delivered a durable upward expansion.
  • Breadth remains too narrow or inconsistent for a high-conviction position.
  • Constituent persistence remains divided or predominantly negative.
  • The group is not yet delivering dependable relative outperformance.
Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view
  1. A completed weekly reclaim of 374.03, the higher of Trend Line and Fair Value, would improve the structural case.
  2. Breadth holding above 55% for several completed weeks would show that repair is spreading.
  3. Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Downward Expansion

The activity fan is bearishly ordered below the Trend Line with price accepted beneath it.

State age15 weeks
Trend gateDown
Fan width32.68%
Fast versus slow change3.79 pts
Above 0% Below 50%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Negative across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point downward, confirming persistent contraction.

13-week
-41.7%
26-week
-41.1%
39-week
-58.5%
52-week
-63.7%
Regime age79 weeks 52-week flips0 52-week boundary314.69
Constituent trend persistence

Is the index move broadly durable?

Constituent persistence coverage is still building.
Custom stage map

Where constituents sit in the cycle

Stage Analysis coverage is still building.

Capital rotation

Performance relative to Basic Materials

Weakening
Relative index 13-week relative trend Starting level
Rotation dashboard Weakening

A rising relative line means this group is compounding faster than Basic Materials. A falling line means capital has done better in the parent benchmark.

Relative index39.3
13-week trend45.6
4-week trend change-10.89%
Weekly peer rank2 of 2
1 week
-5.5 pts relative
4 weeks
-11.3 pts relative
13 weeks
-30.3 pts relative
26 weeks
-33.0 pts relative
52 weeks
-55.0 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow
Advancing
0
Declining
2
Unchanged
1
4-week average 42%
13-week average 29%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility43.1%
Drawdown from 52-week high-63.3%
Positive weeks, last 1331%
Current directional run2 weeks
Turnover versus 13-week norm178%
Breadth impulse-31.9 pts
Cross-section

Return distribution

3 measured
Q1 -10.9% Median -0.8% Q3 -0.4%
Average winner%
Average loser-10.9%
Dispersion9.7 pts
Top-five upside sharen/a
Top-five capital share100%
Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence
Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 3 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 POLARPOLAR RESOURCES AS
0.00% 2 GEMGreen Minerals AS
-0.77% 3 NOMNordic Mining ASA
-20.99%

Weakest edge

3 NOMNordic Mining ASA
-20.99% 2 GEMGreen Minerals AS
-0.77% 1 POLARPOLAR RESOURCES AS
0.00%

Constituent ledger

Industry constituents

All 3 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 POLAR POLAR RESOURCES AS OSL 70.54M 4.95 0.00 pts
0.00%
2 GEM Green Minerals AS OSL 26.26M 1.29 -0.26 pts
-0.77%
3 NOM Nordic Mining ASA OSL 245.15M 1.92 -7.00 pts
-20.99%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.

Evidence context