Technical Analysis: EuroMTS Investment Grade Broad 3-5 index : the bullish dynamics starts again

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Technical Commentary :
The EuroMTS Investment Grade Broad 3-5 index is an index that represents the most important and most traded government bonds of the Euro zone with maturities ranging from 3 to 5 years…...

Day By Day – Indipendent Research

This index shows a clear bullish trend as the 100 day moving average indicates. Nothing seems to question the pursuit of the move for the upcoming weeks since the index keeps registering new highs, sign of strength. Thus, in the medium term we are bullish.



Anticipation  :

At shorter term, the index just exited a long consolidation phase in rectangle that lasted several weeks. The triggering of this figure reopens the bullish dynamics with a theoretical objective at the 181 resistance point (bleu arrows – report of the rectangle width). The ascending 100 day moving average is close and comes appropriately support this bullish anticipation.
As a result, we are bullish in the medium term, aiming for the 181 point resistance, and we place the invalidation level of this scenario slightly under the 177.5 points. This threshold is the last rebound level in which the reintegration would delay any bullish anticipation.

Close price 178.15

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 181 / 184,5 pts
Supports 177,5 / 176,5 pts

Follow-up Analysys: The tracker from the 16/07/2012 recommended the buying of the Stoxx Europe 600 Oil & Gas index. The index continues its progression and is getting closer to our intermediate objective at 342.4 points.


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Source: ETFWorld – Day By Day – Indipendent Research



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