Technical Analysis: MSCI World Energy Net Total Return Index: the bullish dynamics resumes


The MSCI World Energy Net Total Return Index is composed by 120 different equities within the energy sector in the world…....

Day By Day – Indipendent Research

For five months now, the index has resumed a bullish trend, recently confirmed by the overflow of the 320 points level. The reversal of the 100-day moving average is also a positive element. We are bullish in the mid-term and we expect new highs in the coming weeks.

Anticipation  :
On the short term side, prices are regularly rising since the overflow of 320 points, now a major support. The recent pullback on the 327.20 points support – level tested on severaloccasions in 2011 and also last October top – allowed a reasonablepause beforeresuming the bullish path.
We are positive in the short term and we envision the rallying of the 352 points major resistance, the first significant level that could stop the market.
We set the invalidation level just below the 327.20 points support, the most recent rebound area; we thereforehave, with this close stop loss, a very interesting risk/reward ratio.

Close price 334.4

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 352 / 363,73 pts
Supports 320 / 282,03 pts

Follow-up Analysys: On February 06th 2012, we recommended the purchase of Stoxx 600 Health Care Index related ETFs. Since then, prices reached our 442.95 points intermediate target, leading to a 2% performance so far.


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Source: ETFWorld – Day By Day – Indipendent Research



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