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.
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