Happy new year fellow technical analysts! Last year was a terrible year when we look at the stock market. Can this year bring more of the same or will we experience a real bull year this year? There are many questions to be asked and to be answer so throughout the year we will do what we can to give the readers of stocktradersbulletin.com information about technical analysis in general but also give you updated analysis of stocks and the stock market.
Today we take another look at our beloved OSEBX. Since mid-November OSEBX has risen quite steadily and today it ended at 243.25, up 1.7% from last trading day. As we all know OSEBX is very dependent on the oil-price and when the oil-price rises OSEBX usually rise too. So how do the chart look like at the moment. The index chart show that the resistance level at about 237 was broken today. This is regarded as very positive as the 237 level can now act more or less as a suppot level in the days to come. The next resistance level is about 253. This level is quite strong and it is possible that there can be a reaction down if OSEBX reaches this level in the days to come. This also coincide good with what we see in the RSI chart. RSI is relatively high now with a value of almost 61. RSI could reach 70 if OSEBX reaches 253 and with a more or less sideway movement for OSEBX this would indicate overbought. So for now it seems that OSEBX could move between 237 and 253. If 237 fails as a support level 226 is the next support level to look out for. On the other hand if the resistance level at 253 is broken 272 is the next major resistance level.
Merry investments and happy trading
SB
