Week Ending: 28 August 2026

Norway NO Basic Materials Industry

Specialty Chemicals

For the week ending 28 August 2026, Specialty Chemicals declined 2.21% with 0 advancing, 4 declining, and 0 unchanged constituents. The index is equal weighted and the constituent tape shows uncapped security returns.

Current architecture Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

74 technical evidence
Index1159.66 1 week-2.21% Breadth0% Members4
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 Upward Expansion 10 completed weeks in this state
Trend acceptance 10.3% Index versus Trend Line
Persistence 100% Positive across every horizon
Participation 0% 0 advancing, 4 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 Positioning window open

Trend, participation and relative evidence are sufficiently aligned for selective exposure.

74 technical evidence
out of 100
Evidence balance

Five-pillar map

Position
Trend
86
Breadth
25
Persistence
94
Relative
100
Risk quality
82
What supports the view
  • The index remains above a constructive Trend gate.
  • Constituent trends show positive multi-horizon persistence.
  • Relative performance is improving within its parent hierarchy.
What restrains conviction
  • Breadth remains too narrow or inconsistent for a high-conviction position.
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 close below the Trend Line at 1,051.31 would weaken the constructive case.
  2. Breadth falling below 45% while the index holds up would signal narrowing leadership.
  3. A turn to negative 13 and 26-week parent-relative performance would remove the rotation edge.

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 Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

State age10 weeks
Trend gateUp
Fan width8.55%
Fast versus slow change-0.56 pts
Above 67% Below 0%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Positive across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point upward, giving the advance broad horizon agreement.

13-week
15.3%
26-week
13.9%
39-week
20.4%
52-week
11.2%
Regime age6 weeks 52-week flips17 52-week boundary1042.68
Constituent trend persistence

Is the index move broadly durable?

100% coverage
Coherent positive75%
Coherent negative0%
Average horizon agreement94%
Positive horizon share81%
Weakening positives0
Repairing negatives1

4 constituents measured as of 28 Aug 2026. Median trend age is 14 weeks.

Custom stage map

Where constituents sit in the cycle

100% coverage
Stage 1 · Basing0%0 securities
Stage 2 · Advancing75%3 securities
Stage 3 · Distribution0%0 securities
Stage 4 · Declining25%1 securities
Re-acceleration watch0 Transition watch1 Relative strength leaders50% Fair Value repairs0

Measured as of 28 Aug 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

78/100 mean confidence
Upward expansion
50% 2
Rotation up
25% 1
Deceleration
25% 1
Balance
0% 0
Rotation down
0% 0
Downward expansion
0% 0
Unresolved
0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to Basic Materials

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

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 index121.0
13-week trend114.0
4-week trend change8.93%
Weekly peer rank1 of 2
1 week
-0.5 pts relative
4 weeks
-1.6 pts relative
13 weeks
26.7 pts relative
26 weeks
22.0 pts relative
52 weeks
19.9 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
4
Unchanged
0
4-week average 50%
13-week average 50%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility27.9%
Drawdown from 52-week high-6.9%
Positive weeks, last 1362%
Current directional run2 weeks
Turnover versus 13-week norm141%
Breadth impulse-54.2 pts
Cross-section

Return distribution

4 measured
Q1 -3.4% Median -2.3% Q3 -1.1%
Average winner%
Average loser-2.2%
Dispersion1.5 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 4 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 ELKElkem ASA
-0.18% 2 BRGBorregaard ASA
-1.38% 3 TEKNATekna Holding ASA
-3.14% 4 BCSBergen Carbon Solutions AS
-4.15%

Weakest edge

4 BCSBergen Carbon Solutions AS
-4.15% 3 TEKNATekna Holding ASA
-3.14% 2 BRGBorregaard ASA
-1.38% 1 ELKElkem ASA
-0.18%

Constituent ledger

Industry constituents

All 4 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 ELK Elkem ASA OSL 11.96B 33.40 -0.04 pts
-0.18%
2 BRG Borregaard ASA OSL 15.58B 157.40 -0.34 pts
-1.38%
3 TEKNA Tekna Holding ASA OSL 1.27B 5.56 -0.78 pts
-3.14%
4 BCS Bergen Carbon Solutions AS OSL 251.82M 6.00 -1.04 pts
-4.15%

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

Evidence context