On Friday (26.06.2009) OSEBX closed at 280.13 up 1.1% from last trading day. Intraday high and low was 284.71 and 277.01. Even though intraday high on Friday was above 282 the close was still below 282 meaning we have not had a "valid" breakout from this resistance level yet. ADX has fallen quite sharply but are still showing high values, we also see that +DI and -DI are moving towards each other meaning that the market could be moving towards a more sideways movement. We often see a narrowing between +DI and -DI before larger movements occur. The RSI value is quite low now but there is still room for further fall. If there would be a fall in the market 266 and 253 are the predominant levels where there is major support to be found. On the upside 282 and 305 are the dominant resistance levels to pay attention to.
Pivot points for tomorrow are PP = 280.62, S1 = 276.52, S2 = 272.91, R1 = 284.23, R2 = 288.32. 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
