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Technical Analysis: FTSEurofirst 100: rise in a channel

The FTSEurofirst 100 index is composed by the 100 most active European equities. Since the end of 2011, this index has been registered in a wide ascending channel. Its volatility has decreased: prices remain at a stable distance from ..…. ..


Day By Day – Indipendent Research


their 100-day moving average.We do not see strong arguments in favor of a decline in the coming months and we are bullish in the medium term.
 
27022012_1

Anticipation  :
On the short term side, prices are registered in a narrow channel and they did not exactly reach the bottom of the channel, around 3230 points. The current consolidation may last for a few extra days. The test of the support at 3230 points should restart the bullish dynamics toward 3416 points. We set the invalidation level of this scenario below 3200 points.

Close price3261.9

2 months OpinionBULLISH
2 weeks OpinionPOSITIVE

Resistances3416 / 3550 pts
Supports3230 / 3140 pts


Follow-up Analysys: Last we have recommended the purchase of MSCI World Energy Sector Net Total Return related ETFs. Since then, the index has risen by 1.7% and we remain positive with a target at 352 points

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

 

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