OMXS30 breaks 866 resistance and powers to new highs
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Monday’s -3% move lower and Wide Range Bearish Reversal after achieving post crash highs and a 38.2% retrace of all time highs @ 849, did not presage a multi-week reversal. Tuesday’s price action did not make new lows and respected bearish symmetry/hourly resistance at 866. On Thursday, the hourly close above 866 negated the bearish symmetry resistance from Monday’s powerful reversal and led to new highs on Friday.
Daily Trading Signals
The following signals were generated for 3 Aug:
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 879.08, and the weekly pivot is 871.78. Price action above the daily pivot is bullish.
The OMXS30 normal trading range is projected to be between 875.53 – 888.57.
The OMXS30 extended trading range is projected to be 870.55 – 893.55.
Specific price levels and projections are discussed on the charts below.
Short term 15 & 60 Min
60 min Fib Projection of 883.69 was met on the break of 866.19 symmetry resistance. A 60 min close > 863.69 targets 892.91.
Daily
The daily oscillator is bullish. Daily symmetry support 836-37, 824. If 824 is exceeded 802.
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. Continued closes above 849 mean a test of 939 -the 50% retrace of all time highs. The Weekly chart breaks down with a daily close <>
The Weekly oscillator is bullish.
Long Term, continued daily closes above > 767 is bullish.
Updated Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted below.
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