On Friday (19.06.2009) OSEBX closed at 289.19 up 0.3% from last trading day. Intraday high and low was 291.36 and 286.52. After stopping at 308 there was not enough momentum to take OSEBX higher at this stage and we have later seen a fall down to 282 after this. The last two trading days have been positive but it is too early to say that the pullback is over for now. 305 and 308 are the immediate resistance levels to look for on the upside while on the downside look for 282, 266 and 253 as support levels. ADX is still indicating strong trend but we see that the value is now declining. RSI has fallen sharply the last weeks and as RSI has been indicating for a long time now it seems that OSEBX is starting to follow the downward RSI movement. RSI do not give any good and clear indications for the future development for OSEBX at this stage but as OSEBX turned upwards from 282 this is at least very positive.
Pivot points for tomorrow are PP = 289.02, S1 = 286.69, S2 = 284.18, R1 = 291.53, R2 = 293.87. 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
