Week Ending: 28 August 2026

Norway NO Sector

Technology

For the week ending 28 August 2026, Technology advanced 1.20% with 17 advancing, 11 declining, and 2 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

52 technical evidence

Index929.47 1 week1.20% Breadth57% Members30

Industry

Country 🇳🇴 Norway · NO

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 Unresolved 3 completed weeks in this state

Trend acceptance -3.8% Index versus Trend Line

Persistence 100% Negative across every horizon

Participation 57% 17 advancing, 11 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 Hold and wait for confirmation

The evidence is balanced enough to avoid a defensive call, but not aligned enough for aggressive positioning.

52 technical evidence
out of 100

Evidence balance

Five-pillar map

Wait

Trend

Breadth

Persistence

Relative

Risk quality

What supports the view

Participation is broad enough to support the index move.

What restrains conviction

Index trend architecture has not delivered a durable upward expansion.
Constituent persistence remains divided or predominantly negative.
The group is not yet delivering dependable relative outperformance.
Stage 4 declining constituents exceed Stage 2 advancing constituents by 31 percentage points.
Positive contribution is concentrated in a small leadership cohort.

Independent sentiment overlay Sentiment held separate

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

Evidence that would change the view

A completed weekly reclaim of 965.89, the higher of Trend Line and Fair Value, would improve the structural case.
Breadth holding above 55% for several completed weeks would show that repair is spreading.
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 Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

State age3 weeks

Trend gateDown

Fan width2.82%

Fast versus slow change1.66 pts

Above 0% Below 33%

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

-7.3%

26-week

-5.4%

39-week

-0.2%

52-week

-2.5%

Regime age10 weeks 52-week flips4 52-week boundary953.45

Constituent trend persistence

Is the index move broadly durable?

90% coverage

44%positive

Coherent positive19%

Coherent negative30%

Average horizon agreement80%

Positive horizon share46%

Weakening positives6

Repairing negatives6

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

Custom stage map

Where constituents sit in the cycle

87% coverage

50%Stage 4

Stage 1 · Basing23%6 securities

Stage 2 · Advancing19%5 securities

Stage 3 · Distribution8%2 securities

Stage 4 · Declining50%13 securities

Re-acceleration watch1 Transition watch3 Relative strength leaders12% Fair Value repairs4

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

75/100 mean confidence

Upward expansion

8% 2

Rotation up

4% 1

Deceleration

15% 4

Balance

31% 8

Rotation down

8% 2

Downward expansion

35% 9

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 NO Market Structure

Weakening

Relative index 13-week relative trend Starting level

Rotation dashboard Weakening

A rising relative line means this group is compounding faster than NO Market Structure. A falling line means capital has done better in the parent benchmark.

Relative index82.0

13-week trend84.0

4-week trend change-1.85%

Weekly peer rank3 of 11

1 week

0.8 pts relative

4 weeks

-1.8 pts relative

13 weeks

-6.4 pts relative

26 weeks

-7.3 pts relative

52 weeks

-7.5 pts relative

Market internals

Participation, dispersion and path risk

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

Breadth

Participation quality

Broad

57% advanced

Advancing: 17
Declining: 11
Unchanged: 2

4-week average 49%

13-week average 45%

Risk and persistence

Path quality

52-week lens

Annualised weekly volatility14.1%

Drawdown from 52-week high-9.3%

Positive weeks, last 1354%

Current directional run1 week

Turnover versus 13-week norm200%

Breadth impulse12.3 pts

Cross-section

Return distribution

30 measured

Q1 -2.6% Median 0.5% Q3 4.7%

Average winner5.8%

Average loser-5.7%

Dispersion8.0 pts

Top-five upside share70%

Top-five capital share74%

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.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

4/5 positive

Above Trend Line3/560% of industries

Constructive breadth4/5At least half advancing

Median industry1.60%4.37 pts dispersion

#1 Transition

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 30 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 ININInin Group AS

21.38% 2 SWONSOFTWAREONE HOLDING

19.04% 3 MDATAMAGNORA DATA CENTER ASA

11.54% 4 KITKitron ASA

9.13% 5 NTGNordic Technology Group AS

7.91%

Weakest edge

30 HDLYHuddly AS

-22.89% 29 TECHTechstep ASA

-8.24% 28 ARRArribatec Group ASA

-7.19% 27 PLTpoLight ASA

-5.87% 26 NEXTNEXT Biometrics Group ASA

-5.36%

Constituent ledger

Sector constituents

All 30 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return

1 ININ Inin Group AS OSL 443.04M 3.52 0.71 pts

21.38%

2 SWON SOFTWAREONE HOLDING OSL 24.36B 113.80 0.63 pts

19.04%

3 MDATA MAGNORA DATA CENTER ASA OSL 1.23B 13.92 0.38 pts

11.54%

4 KIT Kitron ASA OSL 20.25B 93.20 0.30 pts

9.13%

5 NTG Nordic Technology Group AS OSL 303.91M 1.50 0.26 pts

7.91%

6 LOKO Lokotech Group AS OSL 508.47M 0.731 0.20 pts

5.94%

7 ELABS Elliptic Laboratories ASA OSL 353.11M 2.74 0.19 pts

5.59%

8 IDEX IDEX Biometrics ASA OSL 603.01M 8.06 0.17 pts

5.22%

9 NOD Nordic Semiconductor ASA OSL 33.68B 168.00 0.10 pts

3.00%

10 BOUV Bouvet ASA OSL 5.02B 50.50 0.09 pts

2.75%

11 ITERA Itera ASA OSL 521.23M 6.44 0.06 pts

1.90%

12 ENSU Ensurge Micropower ASA OSL 632.84M 0.66 0.05 pts

1.54%

13 APR APPEAR ASA OSL 1.75B 42.90 0.05 pts

1.42%

14 ATEA Atea ASA OSL 19.72B 177.40 0.03 pts

1.03%

15 NAPA Napatech A/S OSL 4.46B 42.20 0.02 pts

0.60%

16 HUDL Huddlestock Fintech AS OSL 159.28M 0.576 0.01 pts

0.35%

17 SMOP Smartoptics Group ASA OSL 4.48B 45.10 0.01 pts

0.22%

18 AIX Ayfie International AS OSL 87.54M 3.50 0.00 pts

0.00%

19 ENERG Energeia AS OSL 74.41M 8.00 0.00 pts

0.00%

20 GENO GENERAL OCEANS ASA OSL 3.90B 20.45 -0.02 pts

-0.49%

21 CYVIZ Cyviz AS OSL 297.00M 22.50 -0.04 pts

-1.32%

22 PEXIP Pexip Holding ASA OSL 8.08B 77.80 -0.05 pts

-1.52%

23 OTOVO Otovo ASA OSL 907.77M 11.45 -0.10 pts

-2.97%

24 WSTEP Webstep ASA OSL 383.16M 14.00 -0.10 pts

-3.11%

25 NORBT Norbit ASA OSL 10.61B 165.00 -0.12 pts

-3.57%

26 NEXT NEXT Biometrics Group ASA OSL 17.67M 0.265 -0.18 pts

-5.36%

27 PLT poLight ASA OSL 2.55B 12.18 -0.20 pts

-5.87%

28 ARR Arribatec Group ASA OSL 382.85M 5.68 -0.24 pts

-7.19%

29 TECH Techstep ASA OSL 54.04M 1.56 -0.27 pts

-8.24%

30 HDLY Huddly AS OSL 697.51M 21.90 -0.76 pts

-22.89%

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