On Friday (16.10.2009) OSEBX closed at 341.90 exactly the same as last trading day. Intraday high and low was 346.63 and 340.52. Resistance levels to look for are now mainly 346.63 and the more important 357.50. Support levels are 334, 326 and 319.
ADX is still increasing but are still showing relatively low values. The bulls are dominating the market although still not a very strong domination.
RSI value is at 66.56 so still giving room for a potential rise for OSEBX. The potential for now could correspond to the major 357.49 resistance level. Nontheless for now RSI rise seems to have stopped and are hoovering just over 65 without being able to rise further. At the same time there has been an increase for OSEBX so this indicate a decrease in momentum and is therefore a weakening signal. So to conclude, there is still potential room for further rise for OSEBX but as we are seeing a decrease in momentum this could be difficult.
Pivot points for tomorrow are PP = 343.02, S1 = 339.41, S2 = 336.91, R1 = 345.52, R2 = 349.13. 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
