Squawk / 14 August 2016 at 19:36 GMT
Last week we saw some interesting relations. The OMXS30.I is heavily affected by the performance of the banking sector as it makes up about 1/3 of the index. Counting the July 6 as a cycle time low, which make sense if you look on the charts of the banks we have an alignment in time for a completed cycle off the February 11 lows. The price low on July 6 was almost spot on 1273 which is 360 degrees to Friday's peak at 1419. What's more is that Friday produced a small range candle, a break higher above Friday's high should produce higher prices and the opposite lower prices. But with the above reasoning one could expect a drop. Nearest important pivot to the downside is now 1407. Should the market just continue higher I wouldn't be surprised to see it reach 1471 in due time but a larger paus here would make sense in my book.
Johan Berntorp Johan Berntorp
I tried a small range body setup last Thursday (https://www.tradingfloor.com/posts/watch-for-swe30-volatility-following-tight-range-trading-7984673), but we didn't get much momo in the break higher. One can approach tomorrow's/next week's tape with the same strategy but with some adjustments.


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