On Friday (12.06.2009) OSEBX closed at 304.88 down 1.3% from last trading day. Intraday high and low was 310.85 and 304.88.
We still see that the 303 - 305 level is very dominant for OSEBX. Intraday we have seen values higher than this resistance level but so far there has been no "real" breakout. The needed momentum has not been there yet so what we experience here now is a consolidation. If there is a breakout from 305, 311.69 is the next resistance level. On the downside 287.20 and 265.96 are the support levels to look for. ADX is still rising and is indicating strong positive trend, but the increase in value has been much slower lately than we have seen earlier in this trend. Taking a look at RSI it is still showing high values but the negative divergence is still there. If the 305 level is not passed soon there could be a pullback for OSEBX. We therefor suggest that you pay extra attention to what is happening around the 305 level to see what will happen further. Also pay attention to the falling trendline seen in RSI.
Pivot points for tomorrow are PP = 306.87, S1 = 302.88, S2 = 300.89, R1 = 308.86, R2 = 312.85. 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
