On Friday (11.09.2009) OSEBX closed at 312.42 up 0.4% from last trading day. Intraday high and low was 314.02 and 311.22. Resistance level to look for is 315.78. Support levels are found at ~ 311, 307, 305.42 and 304.
ADX is still showing low values but there is currently a weak buying dominance in the market. On the negative side we also see that the momentum is falling. This is seen from lower +DI tops and lower RSI tops while coinciding OSEBX tops are more or less at a similar level of 315. The last and lower RSI top is still a bit early to conclude 100% yet as it is not completed.
What we see about the decline in momentum and that OSEBX are at/or near a high resistance level is very interesting. Are we about to see a fall in the market again? RSI leave room for breakout from the 315.78 level but it seems to become a hard battle. Pay extra attention to if 315.78 is broken.
What we also need to say some words about is the upcoming Norwegian election tomorrow Monday 14.09. Will it be fair to claim that if the right wing wins the election that 315.78 could be broken, and that what we see for OSEBX today is that the socialists will most likely win?
Pivot points for tomorrow are PP = 312.55, S1 = 311.08, S2 = 309.75, R1 = 313.89, R2 = 315.36. 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
