DJI Index technical analysis

The Dow Jones Industrial Average Index is trading within a range for more than two weeks now and the eventual break in each direction will provide the market direction on the very short term.

The main support zone is between the $12,750 and $12,800 while the resistance level is in the $12,900 area.

On the medium term the market is evolving within a bullish channel and its borders represent support and resistance for the price.  

Bank of America bullish engulfing pattern

Bank of America reversed at the support level of $7.65 and, along with the previous candle, a bullish engulfing candle pattern has formed.

If there won’t be any important news that could influence this stock, the previous target of $8.40-$8.90 could be achieved but if the $7.65 support level is considered as a stop loss, the risk/reward ratio is not satisfactory. 

Previous analysis: 

http://markettechnicalview.blogspot.com/2012/02/bank-of-america-reacted-to-840.html

http://markettechnicalview.blogspot.com/2012/02/bank-of-america-is-on-its-way-to-840.html

Alcoa bullish scenario for short-term traders

Alcoa reversed at the support level of $10.00 and for the short term investors a ride towards the $10.86-$11.20 could turn into a profitable transaction, with a good risk/reward ratio.

However, the investors should pay attention to any kind of news related to the Greek debt bailout plan that could reverse the market in a matter of minutes.

Previous analysis: http://markettechnicalview.blogspot.com/2012/02/alcoa-support-at-1000.html

SIF Transilvania (SIF3) Technical Analysis 2012.02.17

The SIF3 shares price is maintaining in the ascending narrow channel even if during the last session was trading at lower levels (intraday).

On mid-term (few months) the most important support zone is given by the T1 trend line and by the levels of 0.6100-0.6300 RON and in case that this will be broke, the chances of a broad correction will increase considerably.

For investors who follow a purchase, the best area would be the 0.6100-0.6300 RON area because it offers a very good risk/reward ratio. The stop loss level can be considered below the support level of 0.6100 RON (it can take into consideration the T1 trend line also) and the increasing possibility will be given by the previous highs from the 0.6730 RON area.

Banca Transilvania (TLV) Tehnical Analysis 2012.02.17

The rally that started on December 20 seems exhausted at the level of 50% Fibonacci retracement compared to 2011 decline (May-December) and the price evolution from the last sessions shows the bears domination (at least temporary). 

The 1.0000-1.0100 RON area represents a support for the price and in case that it will be broke, the price can reach very quickly in the area of 0.9500 RON/share.

For investors with high risk approach, the 1.0100 RON area represents a good zone for purchase, with target in the last highs area (1.0650 RON level).

BRD-Groupe Societe Generale (BRD) Technical Analysis 2012.02.17

The closing below the support level of 11.00 RON generated a sell signal for BRD securities which have free path in the previous lows areas from the 10.00 RON level.

The bulls failed to take the price above the 11.50 RON area in the previous weeks, thus showing the weakness of the upward movement.  

The first resistance is now the 11.00 RON level (the former support).

Crude Oil (WTI) Technical Analysis 2012.02.16

WTI Crude Oil hit the $102.00 resistance yesterday on the news that Iran stopped delivering oil for 5 European countries.

However, the news was quickly faded and the price consolidated around $101.50 until the Crude Oil Inventories at 15:30 GMT. The

The trend for today was bearish and the $101.30 level was the most important as the price broke and retested it. There are high chances of a broader correction in the future days, targeting the zone between the Fibonacci retracements of 38.2%($100.37) and 61.8%($99.30).