OSB Daily Technical Analysis for November 20, 2014

S&P decline found support at the 2040 area and traded within a tight 10 point range for the day on Wednesday. S&P likely to continue higher with time as it digests recent gains and consolidates at this higher level. Bullish bias intact.

The Dow remained essentially unchanged on the day suggesting consolidation and market likely taking a breather as it prepares to swing higher from here. Pull backs likely to remain as entry points and seen as value by longer term bullish traders.

Minor correction for the FTSE with closed just beneath the 6700 mark. FTSE likely to fight it out at this level which is seen as a key area to clear above for the index to make a push into higher territory. Look for consolidation and pull back potentially to 6650 area.

 

Dax overshoot making a new monthly high on the day suggesting strength and appetite to go higher from here. A move to 9550 is next resistance the index needs to clear for its upswing to remain in action. Pull backs and increased volatility likely as new highs as pushed through.

Nikkei correction and consolidation from recent run up. The index remains in a strong upward trajectory despite a close below the 17300 supportive area. Overall longer term bullish bias remains intact.

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