Today (18.02.2009) OSEBX closed at 221.09 down 1.4% with intra day high and low of 224.84 and 218.24. Looking at the chart we can see that so far the 220.32 level is still holding even though OSEBX were lower intra day today. The development we have seen lately is very disturbing but there are still hope that OSEBX will rise again quite soon. As we have said earlier what is important now is that we do not get a close lower than about 217. We would expect the 217 level to be quite strong but 214 could be reached at least intra day. There are still no signals from ADX, +DI or -DI to be seen. The rising trend channel we could see in the RSI chart has come to an end. RSI is now far below the support line in the trend channel. Having said that it seems that there are some support to be found at today's RSI level. If you look at the RSI chart you clearly see the support level. Combining RSI- and the price- chart we would guess that 217 is a good estimate where the downturn will stop this time. But like we said earlier if the 217 level fails this would be regarded as very negative.
Pivot points for tomorrow are PP = 221.39, S1 = 217.94, S2 = 214.79, R1 = 224.54, R2 = 227.99. An opening higher than PP tomorrow can be regarded as positive.
If you want to calculate pivot points for stocks that you follow or for OSEBX 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
