Week Ending: 28 August 2026

Norway NO Sector

Utilities

For the week ending 28 August 2026, Utilities declined 0.78% with 5 advancing, 5 declining, and 1 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Downward Expansion

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

32 technical evidence
Index680.80 1 week-0.78% Breadth45% Members11
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 Downward Expansion 6 completed weeks in this state
Trend acceptance -6.2% Index versus Trend Line
Persistence 100% Negative across every horizon
Participation 45% 5 advancing, 5 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.

32 technical evidence
out of 100
Evidence balance

Five-pillar map

Defensive
Trend
30
Breadth
28
Persistence
20
Relative
21
Risk quality
83
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.
  • Stage 4 declining constituents exceed Stage 2 advancing constituents by 60 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
  1. A completed weekly reclaim of 819.27, 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 age6 weeks
Trend gateDown
Fan width4.98%
Fast versus slow change-0.36 pts
Above 0% Below 100%
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
-8.3%
26-week
-4.1%
39-week
-5.0%
52-week
-10.1%
Regime age19 weeks 52-week flips2 52-week boundary756.89
Constituent trend persistence

Is the index move broadly durable?

91% coverage
Coherent positive20%
Coherent negative60%
Average horizon agreement90%
Positive horizon share30%
Weakening positives0
Repairing negatives1

10 constituents measured as of 28 Aug 2026. Median trend age is 12 weeks.

Custom stage map

Where constituents sit in the cycle

91% coverage
Stage 1 · Basing0%0 securities
Stage 2 · Advancing10%1 securities
Stage 3 · Distribution20%2 securities
Stage 4 · Declining70%7 securities
Re-acceleration watch0 Transition watch0 Relative strength leaders10% 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

79/100 mean confidence
Upward expansion
20% 2
Rotation up
0% 0
Deceleration
10% 1
Balance
20% 2
Rotation down
0% 0
Downward expansion
50% 5
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 index70.4
13-week trend74.2
4-week trend change-2.43%
Weekly peer rank8 of 11
1 week
-1.1 pts relative
4 weeks
-2.9 pts relative
13 weeks
-7.4 pts relative
26 weeks
-5.9 pts relative
52 weeks
-15.1 pts relative

Market internals

Participation, dispersion and path risk

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

Breadth

Participation quality

Balanced
Advancing
5
Declining
5
Unchanged
1
4-week average 36%
13-week average 39%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility16.8%
Drawdown from 52-week high-14.5%
Positive weeks, last 1331%
Current directional run2 weeks
Turnover versus 13-week norm293%
Breadth impulse6.8 pts
Cross-section

Return distribution

11 measured
Q1 -3.1% Median 0.0% Q3 1.6%
Average winner2.3%
Average loser-4.0%
Dispersion3.5 pts
Top-five upside share100%
Top-five capital share97%
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.

0/1 positive
Above Trend Line0/10% of industries
Constructive breadth0/1At least half advancing
Median industry-1.10%0.00 pts dispersion
#1 Contracting

Utilities - Renewable

-1.10%
Participation44% vs Trend-7.2% vs Fair Value-17.8% Members9

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 11 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 MPCESMPC Energy Solutions N.V.
4.83% 2 SKANDSkandia GreenPower AS
2.96% 3 SCATCScatec ASA
1.96% 4 ELMRAElmera Group ASA
1.32% 5 MGNMagnora ASA
0.22%

Weakest edge

11 NOFINNordic Financials ASA
-6.62% 10 EAMEAM Solar ASA
-6.56% 9 EQVAEqva ASA
-3.93% 8 OSUNOcean Sun AS
-2.19% 7 CLOUDCloudberry Clean Energy ASA
-0.59%

Constituent ledger

Sector constituents

All 11 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 MPCES MPC Energy Solutions N.V. OSL 309.27M 14.10 0.44 pts
4.83%
2 SKAND Skandia GreenPower AS OSL 167.25M 1.39 0.27 pts
2.96%
3 SCATC Scatec ASA OSL 15.47B 98.65 0.18 pts
1.96%
4 ELMRA Elmera Group ASA OSL 5.00B 45.95 0.12 pts
1.32%
5 MGN Magnora ASA OSL 2.21B 22.40 0.02 pts
0.22%
6 CAVEN CAVENDISH HYDROGEN ASA OSL 214.49M 5.60 0.00 pts
0.00%
7 CLOUD Cloudberry Clean Energy ASA OSL 4.55B 13.40 -0.05 pts
-0.59%
8 OSUN Ocean Sun AS OSL 44.05M 0.447 -0.20 pts
-2.19%
9 EQVA Eqva ASA OSL 265.19M 2.93 -0.36 pts
-3.93%
10 EAM EAM Solar ASA OSL 44.99M 0.712 -0.60 pts
-6.56%
11 NOFIN Nordic Financials ASA OSL 28.75M 1.41 -0.60 pts
-6.62%

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

Evidence context