On Friday (20.11.2009) OSEBX closed at 350.39 up 0.4% from last trading day. Intraday high and low was 355.22 and 347.80. Resistance levels to pay attention to are 352, 353, 357,49 and 362.54. Support levels are 347.67, 343 and 338,47.
ADX has increased the last week but the value (23.78) is still relatively low. The bulls has continued to dominate the market but we now see that there is a much more agreement between the bulls and the bears in the market about the OSEBX level. It will be interesting to see how this develops on Monday.
Like we said last week, RSI continue to stay within its rising channel where there are still room for further rise for OSEBX according to this RSI channel. On the other hand the RSI channel also leaves room for a potential fall for OSEBX and it seems that the RSI channel support level could coincide with the 343 level seen for OSEBX.
Pivot points for tomorrow are PP = 351.14, S1 = 347.06, S2 = 343.72, R1 = 354.48, R2 = 358.56. An opening higher than PP tomorrow can be regarded as positive.
If you want to calculate pivot points for stocks that you follow, OSEBX or any other indexes you can do that with the Dukascopy pivot point calculator found here:
http://www.stocktradersbulletin.com/documents/financialcalendar.html (lower part of page).
Happy trading.
SB
