Sweden's market has shown excellent relative strength vs. the DAX, FTSE and S&P 500. The OMX broke out of its consolidation and has reached the 38.2% Fib retracement of the all time highs, finally. The daily charts are bullish overbought and the hourly charts are extended.
Daily Trading Signals
The following signals were generated for 20 Jul:
High Continuation & Reversal Signals are fired when the preceding trading day exhibits a strong compressed bullish trend move throughout the entire day and closes fairly strong near the top of the day’s trading range. The signal implies that the strong bullish move has moved too far, too fast and that a reversal is likely sometime during the trading day.
The Low Breakout Continuation Setup requires that the preceding trading day’s low needs to be exceeded to confirm a change in trend direction. The signal seeks to take advantage of a pullback in the immediate daily trend.
Today’s daily pivot is 836.78, and the weekly pivot is 817.66. Price action above the daily pivot is bullish. Specific price levels and projections are discussed on the charts below.
Short term 15 & 60 Min
15 min symmetry support is 837-839. The hourly charts are quite extended.
Daily
The daily charts are bullish overbought. The Daily chart breaks down with a daily close <>
Weekly
849 is the 38.2% retracement from the 1321 all time highs in Jul ’07 and the 566 Nov lows ’08. Even in very weak markets, minimal 38.2% to 50 % price retracements are expected. The OMX has finally reached a minimal typical bear market retracement.
The Weekly oscillator is bearish.
Long Term, continued daily closes above > 667 is bullish. Updated Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted below.
0 Comments:
Post a Comment