OSEBX 08.02.2008

Today we will look at the Oslo Stock exchange benchmark - OSEBX. 2008 has not been a good year in the stock market so far. One negative thing after the other has reached the news, and the big question is: are we on the move towards recession?
By applying Fibonacci retracement to OSEBX we clearly see some support and resistance levels. The 410 resistance level is very strong and has been tested for over two weeks without any successful breakout. Also we see the support level at about 391 which is strong. But as the 410 level still holds it could mean that OSEBX is on its way down to about 385 at first and then 378 unless positive market data comes in. On the upside there is room for movement to 426 at first.