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).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Tuesday, February 7, 2012

OMV Petrom (SNP) Technical Analysis 2012.02.07

Technically speaking, OMV Petrom correction perspective from the previous analysis (http://markettechnicalview.blogspot.com/2012/02/omv-petrom-snp-technical-analysis.html) has strengthened due to negative sentiment investors showed today.

In the last 4 sessions, two bearish engulfing patterns were created, thus showing the investors attitude towards the market: sell on a high opening and closing down significantly, without intention to buy at low prices at the end of the session.

The first support zone for eventual correction is between 0.3240-0.3300 RON levels, which is about in the target area given in January (http://markettechnicalview.blogspot.com/2012/01/analiza-tehnica-omv-petrom-snp-20120123.html).



Posted by Adrian Filip at 11:20 AM
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