#OM/USDT#OM
The price is moving in a bearish channel on the 12-hour frame and is largely sticking to it
The price rebounded well from the green support area at the 0.5800 support level, which is a strong level
We have a trend to hold above the Moving Average 100, which is strong support for the rise
We have very strong oversold saturation on the RSI indicator to support the rise, with a downtrend about to break higher
Entry price is 0.6700
The first target is 0.8100
The second target is 0.9000
The third goal is 1,000
Omxs30
OMX - Bounce on the 50% levelI see that many are worried now and warning of an impending stock market crash, and that an economic recession is on the horizon with rising interest rates. 🥶
I have a completely different perspective. I believe that the bottom was already reached in 2022, and the decline we've experienced over the past two months will soon be over.
I believe the economic downturn has already passed, and the economy is heading towards brighter times. It might take some time, but the stock market always leads the way, and I believe it will be the same this time. 🫂
The fifty percent zone is always significant, regardless of the time frame, but it holds particular importance in the long run. The blue mark represents the 50% zone from the 2021 peak to the 2022 bottom, and this zone will be highly significant. ⚖️
If we start closing below that zone, it could lead to several years of challenging times. Currently, we've just bounced from there, and I believe we'll move up from here. It's possible that we might bounce around down here for a while before moving up, but I'm quite confident that we won't go much lower than where we are right now.
The dollar looks strong and has recently broken out, which isn't favorable for assets. The dollar also has a crucial 50% zone that I believe it has the potential to reach and then reject. This should be the last major uptrend for the dollar before it falls significantly. 💵
We'll see how everything unfolds. Depending on what the dollar and the U.S. stock market do, OMX may be affected. SP500 and NASDAQ are somewhat away from their 50% zones, so OMX might decline for a short while before rebounding if the larger indices react positively at their 50% zones. 💬
As I've mentioned before, I believe we will reach new All-Time Highs within the next 10 months. 🥳
Best of luck!
SAAB - Expecting retracement before continuationI would like us to retrace before we continue up, if we go up from here i expect a bigger retracement in the future and the continuation to be weaker. Bascily if you want SAAB to continue up in the long run you want a healthy retracement here.
I can see SAAB to go up to 790 based on trend-based fib extension. After the retracement, if we hold the bouncing levels.
Rising wedge and channel roof in sight before bear market? We can see several reasons that the fall of 2021 will be a tight squeeze for the market. Here are some pointers to look for.
1. Long term rising wedge formation with conjuction and consolidation also in the daily channel, The period between october to december-21 will be the beginning before B-leg starts towards mid MA at 2235 region.
2. We need a B-leg correction to move higher towards 3000 target.
3. RSI in over bought position has never really taken a dip into the ocean since february-21.
Some positive signals though, 3000 is the long term target in Q1-Q2 2025 and all of the MAs and Fibbs are pointing upwards so far towards the target.
The OMX value begins to decline. 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.
OMXS30, (1M) Melt up is hereMelt 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.