Today (04.03.2009) OSEBX closed at 211.11 up 6.9% from yesterday. Intra day high and low was 211.11 and 197.53. During the last few days there has been a dramatic change. Just a few days ago OSEBX was as high as 219 while yesterday it was as low as 197 but today's rise make up for some of the fall we have seen the last couple of days. This all confirm that the market is very volatile and risky. If we take a look at the chart we can see the dominant support and resistance levels for the time being. Support levels are 210.84, 208.24, 205.63, 202.41 and 197.20. On the upside the resistance levels are 214.55, 219/220, 225,59 and 232. It was very negative that the new bottom was lower than last one at 201. What becomes important now is that we see a higher top than 219 forming as well as higher bottoms than 197 as this could indicate ending of the short term negative trend. RSI is back up in the trend channel but the value of 44.97 tells very little other than the market is very unsure. ADX is still increasing as a consequence to the falling trend we see for OSEBX. From this we can conclude that the market looks very risky at the moment and you need to know what your doing if you are trading these days. Pivot points for tomorrow are PP = 206.58, S1 = 202.06, S2 = 193, R1 = 215.64, R2 = 220.17. 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).
Following the same link will also take you to the financial calendar.
Happy trading.
SB
