OSB Daily Technical Analysis for December 02, 2014

The S&P 500 closed the final trading session of the year on a negative note despite having had a very good year characterised by a plethora of all time highs. Market well supported at the 2050 area and further below at 2025. New highs likely as markets get back into full swing again.

 

The Dow tried to rally on Wednesday breaking above the 18000 level briefly before selling off to end the session on the down. Market looking weak on short term with possible further declines and a test of the 20 DMA at the 17750-70 area. Long term bullish bias remains.

 

The FTSE edged higher on the Wednesday session after finding support at the 6550 area. Price action suggests further bounce in store with potential test of 6600 level. FTSE likely to enter a consolidation phase in the 6500-600 range as it looks for further impetus.

 

Market closed on 31st December

 

Market closed on 31st December

 

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