The STOXX 600 Europe Basic Resources Index includes the 31 most important stocks of the basic resources sector in Europe. The strong uptrend that followed the index since the low point recorded in March ...
Day By Day – Indipendent Research
|2 months Opinion||BULLISH|
|2 weeks Opinion||POSITIVE|
|Resistances||583,6 / 610 pts|
|Supports||558 / 542,7 pts|
In the short-term, prices have just exited from the top of a descending channel, in which they evolved since the beginning of April. The 50-day moving average, which previously played the role of a dynamic resistance, is also overflowed. These elements therefore argue in favor of the extension of the current bullish acceleration for the next sessions.
We are short-term positive and envision a rally towards the resistance at 610 points (theoretical target of the pattern – blue arrows), with an intermediate target of 583.60 points.
We set the invalidation threshold for this positive scenario slightly below the support at 558 points.
|Traker’s Name||Leverage||Expense ratio|
|AMUNDI ETF MSCI EUROPE MATERIALS||x1||0,25%|
|ETFX STOXX 600 Basic Resources Fund||x1||0,30%|
|Lyxor ETF Stoxx Europe 600 Basic Resources||x1||0,30%|
|SPDR MSCI Europe Materials ETF||x1||0,30%|
Follow-up Analysys: Our DBD Tracker dated 27/06/2011 recommended the purchase of the STOXX Europe 600 Health Care Index. Since then, our intermediate target at 401.54 points has been reached and overflowed, a performance of 2%.
* 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