After having topped, and turned at the 76.40 fibb-level, OSEBX (Oslo Stock Exchange Benchmark) today closed below the support levels of the 45 day moving average, and doesn't have any new clear technical support level before the 61.80-fibb and the 255 dma. Are we in for a correction of 9-10 per cent? From a technical point of view if definately looks like it.
(click image for full size)I personally consider this index to be overbought, and with the uncertainty that surrounds the equity markets alongside what looks to be a reduced risk of inflation for the time being, at least myself have already allocated my personal portfolio out of equities into short-term money-market instruments.
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