Today (05.05.2009) OSEBX closed at 265.54 down 0.2% from yesterday. Intraday high and low was 271.04 and 263.75. Looking at the chart we see that the important 254 level was broken yesterday. This could open up for OSEBX to rise even further. Immediate levels to look for on the upside is 274.41 and 303-305. On the downside 254 is very important. If this level fails 242, 238.48 and 232.56 will play a role as support levels. RSI has been rising very nicely the last weeks and are now about to reach 70 (68.89 today). RSI value of 70 (indicating overbought by many) could correspond very well with the resistance level of 274. With this in mind 274 could be too strong a resistance level for now, but we should not exclude the possibility of OSEBX to reach 300 even though the likelihood for this is small the coming days. ADX is showing higher values than in a long time indicating a positive trend development for OSEBX. To sum it up things look quite good at the moment but we are seeing positive "stretched" values that could mean that the very positive development we have seen lately will take a short break.
Pivot points for tomorrow are PP = 266.78, S1 = 262.52, S2 = 259.49, R1 = 269.80, R2 = 274.06. 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
