Saturday, February 20, 2010

SOFIX - Trend Channel


The major Bulgarian Stock Exchange index - SOFIX is developing an interesting trend channel.

Trendline support has been tested this week and while the index is looking vulnerable to a further plunge there is also the alternative case of the Support holding and that in sync with the global risk appetite seen in all asset classes this week following the FED's rate hike.

There is an increasing number of signs that the inflationary trade is actually in progress with treasury yields creeping higher while bond vigilantes are selling US bonds to punish the huge deficits and low yields paid - case in point USTreasury 10-Year Note gapped and closed even lower today. You can check in the blog my call on the Bond Selloff from Feb 04.

SOFIX has a critical Support level at 399/400 level as shown on the chart and the Gap support lower at 360 is a level one wouldn't want to see broken for it might signal a test of 2009 lows.

While I'd like to see the channel bottom line holding another bullish sign is the classic 20 x 50 Day MA Golden cross. RSI is slightly negative and MACD is coiling in a pattern similar to the previous 2 times the upmove started as marked.

Technical observations just help develop a scenario and define risk points - next week will see if the current setup will prove correct or a failure of the trend line support will move focus on the 400 important level.

2 comments:

  1. Hi my friend, Your information is very unusual, I hope to provide many benefits to all traders from all over the world. This world needs such an extraordinary person you are. The world would be better if more people like you.

    In addition, I also have found a system that is very useful and have used it for a year to make a lot of pips from the forex. This system has been used by thousands of traders from all over the world to generate hundreds and thousands of dollars per day. Please my friends try it I guarantee you will quickly and easily generate dollars from forex trading.

    ForexSignal30.com - Forex Signal 100% accurate
    Hope useful :D

    ReplyDelete
  2. This will change the world.!!
    ForexSignal30 extreme ver. 2010
    - Limited Edition -

    YOU CAN MAKE BIG MONEY BY Forex
    Why would you pay monthly fee ($100-$1000) permonth to companies for forex trading signal if you can finally create them by yourself with this system ?

    Forex + Forex Signal 30 Ver. 2010 = The Best Way Fast Get Rich

    The word FOREX is derived form Foreign Exchange and is the largest financial market in the world. Unlike many markets, the FX market is open 24 hours per day and has an estimated $1.5 Trillion in turnover every day. This tremendous turnover is more than the combination of all the worlds’ stock markets on any given day. This tends to lead to a very liquid market and thus a desirable market to trade. Unlike many other securities (any financial instrument that can be traded) the FX market does not have a fixed exchange

    From: George
    Dear fellow Forex trader,
    Hello, My name is George. I have been a forex trader since more years. From time to time I still trade, but my trading times have increasingly dropped since I feel its more and more boring waiting for the market to give you a proper signal all day. The main reason why I am publishing this formula is because I do not like to sit behind my desk all day. So I have decided to give it to all of you who want to benefit from it. May the knowledge bring you success and wealth and if you get both in abundance, remember to share it with those around you.
    This formula is aimed at simplicity as well as high probability trades.

    YOU HAVE TRIED ALL OF TRADING SYSTEMS,
    AND YOU STILL HAD LOSS ?

    DON’T BLAME YOUR TRADING SYSTEM

    IT DOESN’T MEAN
    THAT YOUR TRADING SYSTEM IS BAD

    MAY BE YOU DIDN’T KNOW
    HOW TO USE IT PROPERLY

    OR..

    YOU TRADE
    WITH YOUR EMOTION !!

    SO ..HOW TO TRADE WITHOUT EMOTION ?
    Give me just a few minutes and I will show YOU how
    Forex Signal 30 can beat the markets and send the
    winning trades your way, for a change.
    Introducing ForexSignal30.com…

    It’s as simple as that.
    You’ve tried to imagine a step-by-step Forex Signal that guarantees you more than your fair share of winning trades every single time you hit the Forex Markets. Well, you can stop imagining, because with the Forex Signal 30…
    - “Forex Signal 30″ System is as easy as BUY and SELL.
    - Accuracy 100% Win.
    - +10-500 pips per signal
    - 3-10 signal every day on the 1 H charts
    - Signal Never Late
    - Has been used by thousands of people from all over the world
    - Work For All Timeframes
    - This is not trading robot!
    - It is used by professionals & beginners alike with no experience whatsoever.
    - You can work from any country in the world
    - A highly profitable system that lets you earn thousands of dollars each day.
    - Reliable and consistent.
    - It’s easily and quickly understood by the average independent trader as well as newbies!
    - Trade forex without stress!

    Why would you pay monthly fee ($100-$1000) permonth to companies for forex trading signal if you can finally create them by yourself with this system? Thousands trader was joined here from around the world, averages beginner at the end they become expert.

    I am sure you will enjoy the tremendous benefits the Forex Signal 30 will bring you. So sure that I offer a 100% Money Back guarantee.

    Enjoy the profits!
    ForexSignal30.com - Forex Signal 100% accurate
    Hope useful :D

    ReplyDelete