Financials Could Be Overbought

Hello everyone. I am a new guest contributor to the Stockweb blogsite. Last week we saw a significant rally off the lows in the banking/brokerage sector. I think caution is important here as the group is short term overbought. (WB) reports on Tuesday and you must be careful of a possible disappointment there. For traders, there will probably be some very interesting short opportunities next week. Good luck.

http://upsidetrader.blogspot.com/

Technical analysis for index PX.

Global sentiment has turned to optimistic after Warren Buffet offered to help of 800 bln. USD. This has influenced also trading on Prague Stock Exchange. Attached chart shows technical picture for Czech index PX. It visible that index is traded in growing channel. Recent price is reaching upper resistance line. If there are not any strong fundamental news we can expect price to consolidate and turn down.





Technical signal is also confirmed by Fibonacci support line 23,6 for level 1490.