Wednesday December 3: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 3, 2014
S&P rallied briefly heading towards recent highs which are proving resistive at the moment. A break above 2070 extends through to new highs in the short term. Downside pressure contained for now however longer term the index appears overbought from a technical perspective.
Dow broke out on Tuesday making a new all time high suggesting more upside on the horizon. A close above 17900 extends the index into the 18000 mark over the mid-longer term. Bullish buy only market.
FTSE rally and strong positive session indicate bullish up leg continues to have momentum with price likely heading to 6800 given enough time. A close above 6775 resistance gives clear conviction of this scenario. Bullish.
DAX attempts to push higher in the early session and break above the 10K mark were erased as sellers stepped into the market pushing the index marginally lower on the day. Index likely to consolidate and remain range bound as it digests recent gains and gathers further momentum to push higher. Resistance above at 9950-90 area. Strong bullish bias.
The Nikkei rallied on Tuesday making a new high which suggests further upside in the Japanese market. Big round figure at above at 17700 needs to be cleared with conviction for the index to move higher. Bullish buy only market.
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
