Yesterday Sweden's OMXS30.I (SWE30.I) experienced trading in a fairly tight range of about only 8 points, which given price action as of late is a dull day. This makes us believe that this market is in for some volatile expansion and a larger directional move is in the making, from a short term perspective.
This market is now caught in between the key short term pivots at 1369 and 1359. A break of the upper range should see prices move higher and a break of support should see price move lower.
Resistance on the upside is found at 1377, 1388 and 1396. Support to the downside is found at 1351, 1341 and 1333.
Management and risk description
The plan is to let the market decide in which direction the position should be taken.
Buy a break of the key pivot at 1369, with a stop at 1359 and targets of 1377, 1388 and 1396.
Sell a break of the key pivot at 1359, with a stop at 1369 and targets of 1351, 1341 and 1333.
Parameters bullish trigger
Entry: Buy above 1,369.
Target: 1,377, 1,388 and 1,396
Time horizon: One to two days
Parameters bearish trigger
Entry: Sell below 1,359,
Target: 1,351, 1,341 and 1,333
Time horizon: One to two days.
SWE30.I hourly chart
SWE30.I daily chart
SWE30.I daily development chart
Source: all charts SaxoBank. Create your own charts with SaxoTrader; click here to learn more.
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