OMX 30 – Next Key Support Broken (Daily chart)

Chris Capre 2ndskiesforex

Price Action Context

The price action on the Swedish index this year has been relatively clean as zones have been well respected on multiple occasions. The key support around 1 550 also failed to stop the strong selling originating from the multi-year resistance around 1 700, changing our MT bias to bearish.

Trending Analysis

Bearish bias and the current pullback towards the broken key support, now resistance, can present potential shorting opportunities.

Key Support & Resistance Zones

R: 1 545 – 1 565
S: 1 475 – 1 500

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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