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Technical Analysis: Stoxx Europe 600 Real Estate index : Clearing of the 2011 highs

Technical Commentary : The Stoxx Europe 600 Real Estate index is composed of the 21 most representative companies of the European Real Estate  sector.….


Day By Day – Indipendent Research


This index is evolving in a bullish trend, supported by the 200-day moving average and recently confirmed by the clearing of the 127.10 points major level. This event opens the way to a significant upside potential for the weeks to come.  The trend is thus clearly bullish over the medium term.

17122012

Anticipation : In the shorter term, the clearing of the former major resistance should allow a new bullish move to unfold towards the next obstacle, at 133.20 points (dating from 2008). After such a signal, it is common to see prices pulling back to confirm the breakout. Only the reintegration of this level (127.1) would be a problem, and this is the reason why we chose this level as our invalidation threshold. We are thus short-term bullish, with a target at 133.20 points and a stop-loss below 127.10 points.

Close price129,00

2 months OpinionBULLISH
2 weeks OpinionPOSITIVE

Resistances133,20/ 141,5 pts
Supports127,1 / 123,4


Follow-up Analysys:
On December 3rd, we recommended  the purchase of the Stoxx Europe 600  Insurance index. Since then, price  accelerated after breaking out of the  triangle and reached our intermediate  target at 174.70 points.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

 

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