Sofix daily review

A simple view about the Bulgarian stock exchange index movement.

The levels where the index is these days

are just the 38.2% Fibonacci retracement level for the whole upside movement from 257.65 achieved on 24.02.2009 to 514.67 made on 17.09.2009 (shown by the two red lines on the graph). The RSI is in

its low but MACD still points downward. Still the MACD hasn't go as low as it was on the previous down attempt at the beginning of November. If the Fibo level (412 - 416) is not broken wild there is a

chance to see a recovery soon. If it gets penetrated the next stop could be found at 370-385.