OSEBX in for a correction?

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.

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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.

Technical update on the OSEBX

The Oslo Stock Exchange Benchmark Index is facing an interesting time ahead. Currently the technical focus is the downtrend of the RSI and resistance levels at the 50% fibonacci level around 356 points and the 45 daily moving average at 368. For support we have the 255 daily moving average around 340. All in all we consider the risk/reward to be low at this point for longer-term investors.

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Intel beats estimates

INTC closed 2.06% up on expectations on the earnings to be released after regular trading today. The numbers came in favorable:

Intel Corp. said Tuesday that its second-quarter sales fell compared to the same quarter a year ago, but that business is picking up fast.

Even as revenue declined from last year, sales figures were better than what analysts had expected. Profits for the quarter were stung by a one-time fine from the European Commission.

At the time of writing INTC is up 8% in after-hours trading, a good sign for tomorrow.

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Intel tops forecasts, sees sales picking up