Sunday 7 June 2009

OMX, Swedens stock market - Weekly structure suggests further downleg


Continuing from my post below about the USD index, I feel that the OMX cash index has a very clear bearish structure which will only be broken on a rise over the 801.54-816.35 region. However, while below this area there is a large probability that we make a fresh low below 556.77. This also offers a clear trading opportunity with a great risk reward profile. I would suggest selling at market or on pullbacks under the above mentioned region. Your stop is clear (over 801.54-816.35), and the initial target is 556.77. Good luck!

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