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Technical Analysis: FTSEurofirst 100 : recovery of the bullish dynamics

The FTSEurofirst 100 includes the stocks of the 100 largest pan-Europeancompanies. It had a bearish dynamic ...


Day By Day – Indipendent Research


materialized by a succession of peaks and troughs which were lower and lower and guided by the 100-day moving average.The movement was interrupted by the support at 2665 points. This solid support, correspondingto the 62% retracement threshold of the rise from 2009 to 2011, should contain the prices for the coming weeks, and could even serve as a base for a recovery. We are therefore neutral in the medium-term.

19092011


Close price 2829.15

2 months Opinion NEUTRAL
2 weeks Opinion POSITIVE

Resistances 2938 / 2987 pts
Supports 2746 / 2665 pts

Anticipation :

Anticipation  :
In the shorter-term, the index tried to break its August support at 2665 points, but without success. It reintegrated the consolidation. This false signal can provide the energy needed to overflow the resistance of the consolidation. The rise would encounter the obstacle of the consolidation at the 38% retracement of the decline of the summer. This conjunction of thresholds, between 2938 and 2987, should initiate selling and therefore a consolidation. We therefore are taking a positive opinion with a target of 2987. We set the invalidation threshold for this positive opinion slightly below the support at 2746 points.
Traker’s Name Leverage Expense ratio
AMUNDI ETF SP EUROPE 350 x1 0,35%
iShares FTSEurofirst 100 x1 0,40%

Follow-up Analysys: Our DBD Tracker dated 12/09/2011 recommended the sale of the Eurostoxx 50 index. Since then, prices came very close to our target of 1946 points (1948.65 points quoted) and we consider our position closed: a performance of 4.6%.


* A leverage of 1 means that the ETF/Tracker has the same performance as the underlying index. A leverage of 2 indicates that the ETF/Tracker will have twice the performance of the underlying index. A leverage of -1 indicates that the ETF/Tracker will perform opposite that of the index: it will rise while the index falls, and vice versa.

 


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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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