On Friday (03.04.2009) OSEBX closed at 232.84 down 2.9% from Thursday. Intraday high and low was 242.63 and 232.66. If we take a closer look at the chart, Friday's move was more or less perfect within the support and resistance levels we set out earlier. Looking further the support levels that could play a role the coming days are beside 232.44, 225.71, 219, 214.75 and 210.66. Resistance levels are 242, 243 and 253. ADX values are rising and together with higher DI values this is very positive. RSI value is 55.75 but when we look at the tops we clearly see a weakening here. The momentum we have seen lately is slowing down. This could indicate a slow down for OSEBX the coming days. For this not to happen we would like to see RSI rise above both 60 and 62 (last two tops) but until then it looks like OSEBX could fall the next days. If this should happen 225.71 is a relatively strong support level that could be tested. Pivot points for tomorrow are PP = 236.04, S1 = 229.45, S2 = 226.07, R1 = 239.42, R2 = 246.01. 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
