Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Friday, February 3, 2012

OMV Petrom (SNP) Technical Analysis 2012.02.03

The OMV Petrom shares price evolution on Thursday, February 03, has led to a reversal pattern, at least temporary. 

The bearish engulfing pattern produced at the resistance level of 0.3440 RON (the 38.2% Fibonacci retracement) shows the investors negative sentiment from the last session and, as such, indicates a decline for the next days. Thus, it gives a sell signal for ending the transaction initiated on the 23rd of January (http://markettechnicalview.blogspot.com/2012/01/analiza-tehnica-omv-petrom-snp-20120123.html).

The most important support for the price is in the 0.3240-0.3300 RON area, and this can represent a reversal area (toward the up side) in case that the mid-term trend (few months) will continue.


Posted by Adrian Filip at 11:13 AM
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