After analyzing the Swedish stock market index, I noticed that values of telecommunications, network and banking companies started to depreciate. There is a large volume on each of them so a price drop on OMX index is possible. Companies such as SWEDBANK A, ERICSSON B, SV. HANDELSBANKEN A, TELIA COMPANY have been losing value for many months.
This is my best guess for OMXS30. breaking back down into the trend channel. Looking for a bounce of the channel-bottom at about 2000 in early june.
The swedish market index has had a very unhealthy bull period with a increase of almost 60% in 1 year, it did hit a major trendline this week and bounced, the rsi indicates overbought, i will probably place a short position when the market opens on monday
Melt up is here just like in 99/01, only question is for how long can it go on? I see in best case we go to 2300 (~7%), but you never know may as well end in disaster next week, or even blow pass 2300. Be careful out there, i'm starting to cut down on positions from here.
We may see a support line at 1900~ but if it goes through we could be in for a ride and a correction of atleast -10%
My analysis of OMX30 - Either bounce on trendline or continue down to next trendline and support. - If we continue to the last trendline I want to be prepared for a Head-And-Shoulder even if it is to early to say right now.
Tight SL (+ATH) Target 1900 Target 2 sub 1900-1850
Following the trend since mid july. OMX has now hit it's ATH while simultaneously hitting top of the long trend. This suggests going short for 2 weeks. Any thoughts?
Attention all you who have your pension in index funds! When price reaches the marked line, near the all time high, price will likely react to the downside.