Friday November 21: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for November 21, 2014
The S&P 500 traded within a tight trading range on Thursday ending the day on modest gains after dipping into the 2040 area which proved to be supportive enough. Action suggests that the market remains strongly bullish with 2100 continuing to be realistic target.
The Dow sold off in the early session testing support at the 17600 area which proved to be supportive enough to entice buyer in the market to push the index back up 115 points to close the day on modest gains. Bullish action all around with new highs a question of time.
The FTSE ended the day on a negative note despite finding support at the 6640 area making up some of the early session losses. Price action suggests FTSE remains in upward price trajectory. A close back above 6700 needed to have a chance of making new highs.
The DAX fell in the morning session where it found support at 9380 a price level which enticed bullish traders to step in and pick up what they believe is value. The DAX is strongly bullish and is also very volatile at these levels as it looks to make new highs.
The Nikkei close on the key 17300 mark managing to edge slightly higher on the day after breaking out and testing the 17400 area which proved to be too resistive for now. The Nikkei is likely to continue consolidating at these levels prior to entering a new up leg.
Risk Disclaimer
Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.
All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.
OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more
