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Technical Analysis: Markit iBoxx Euro Liquid Corporates Index: the bullish dynamics unfolds

Technical Commentary: The Markit iBoxx Euro Liquid Corporates Index is composed by 40 different corporate bonds....


Day By Day – Indipendent Research


…issued in euros by various high graded companies (each bond has been rated BBB- or higher). The index price is registered in a clear bullish trend as shown by the rising and supporting 20-day moving average.We do not acknowledge any signs of exhaustionof this dynamics for the weeks to come: we are therefore bullish over the mid-term.
 
10042012_1

Anticipation  :
On the short-term side, the latest consolidation period has been contained by the 181 points support. When prices hit this strong level, confirmed by the 20-day moving average, they immediately bounced off in a powerfulmanner. This movement allowed overflowing the former high and the registration of new historical highs, a clear sign of strength: the bullish trend resumed. 

We are thereforepositive in the short term and we expect the rallying of the 184.30 points resistance, the first main obstacle of the dynamics. This level is also a target calculated by using the size of the previous impulse (blue arrows).

We set the invalidation level of this bullish analysis just below the 182.40 points supports. Actually, the breach of this level would trigger a consolidation period and would delay the rise we expect.

Close price 182.83

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 184,3 / 186,5 pts
Supports 182,4 / 181 pts


Follow-up Analysys: On March 12th, 2012, we recommended the purchase of MSCI AC Asia Pacific ex- Japan index related ETFs. The dynamics is slower than expected but our bullish scenario remains active with a target at 459 points.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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