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Technical Analysis: MSCI AC Asia Pacific ex-Japan : bounce off the former top

CINA - MURAGLIA

The MSCI AC Asia Pacific ex-Japan index is composed of 688 equities totaling 85% of the Asia Pacific ex-Japan market capitalization and covering a wide range of different economic activities....


Day By Day – Indipendent Research


An inverted head-and-shoulder pattern has been triggered and, since then, the index is in a bullish trend. This movement should allow at least a pullback toward the April/May 2011 tops: we are therefore bullish for the weeks to come.
 
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Anticipation  :
On the short term side, prices fell off the 449 points resistance – also corresponding to the 62% Fibonacci ratio of the May to October 2011 fall.  The 433 points support – November 2011 top – triggered a bounce and prices resumed their bullish path. The 50-day moving average is also supporting the prices, thereby confirming the bullish scenario.
We are positive in the short term and we expect a new impulse toward 459 points, June 2011 low.
We set the invalidation level of this positive opinion just below the 433 points support, level on which the last bounce started.

Close price 443.08

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 459 / 471,75 pts
Supports 433 / 412,64 pts


Follow-up Analysys: On February 20th 2012, we recommended the purchase of MSCI World Energy Sector Net Total Return Inde’ ETFs related. Prices corrected down to the first support before bouncing on it without breaking it. The bullish scenario with the 352 points target is therefore still active.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

 

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