On Friday (23.10.2009) OSEBX closed at 342.30 down 0.5% from last trading day. Intraday high and low was 349.02 and 342.30. Resistance levels to look for are now 346.63 and the more important 357.50. Support levels are 337.80, 332.34 and 327.93.
There has been a change in ADX since last week. ADX are indicating strong trend although the bullish development seen lately are stopping. It is still to early to conclude that this indicate the start of a more bearish market so we need to pay close attention to if ADX still indicate strong trend and -DI increases.
RSI value is at 61.25 still giving room for a potential rise for OSEBX. From the other indications seen today the positive momentum is stopping more and more. We do not see falling tops for RSI so we can not, as with ADX, say that this is the start of a more bearish market yet.
Pivot points for tomorrow are PP = 344.54, S1 = 340.06, S2 = 337.82, R1 = 346.78, R2 = 351.26. 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
