Today (11.03.2009) OSEBX closed at 212.32 down 1.6% from yesterday. Intraday high and low was 219.37 and 212.32. OSEBX was up and tested the 219 level today but there was not enough force behind the upward move to break out from the resistance level. It seems that 219/220 is a relatively strong resistance level. From today's close on the upside we see resistance levels at 214.75, ~219, 225 and ~233. Support levels are 210.66, 208 and 197. After two days of rising OSEBX (Monday and Tuesday) there was a small fall today. There has been a negative trend in development lately and the question now is if this trend is coming to an end soon. ADX is showing decreasing values along with -DI. +DI is also showing positive development. All in all this give us positive indications for the near future. RSI has broken the falling trend line that we could see earlier and are now continuing its move in the earlier defined trend channel. We see that there is a negative trend line forming the upper part of the trend channel. In order to see a positive development in the time to come we would like to see that this trend line is broken. RSI now give room for further fall for OSEBX but there are also room for some positive development and it seems that 220 or 225 could correspond to the falling trend line seen forming the upper line in the RSI trend channel. Pivot points for tomorrow are PP = 214.56, S1 = 209.76, S2 = 207.21, R1 = 217.12, R2 = 221.92. 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
