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Technical Analysis: STOXX Europe 600 Telecom : towards 254.10 points

10 EVIDENZIATORI

The STOXX Europe 600 Telecom index comprises 21 companies representing the European telecommunications ....


Day By Day – Indipendent Research


…sector. It showed a bearish trend guided by the 100-day moving average. It stopped near the 220 point threshold, triggering a reversal pattern known as a «double- bottom», which has given rise to a strong recoverymovement. We are bullish in the medium-term, and anticipate the extension of the current dynamic towards the major resistance at 266.25 points.
 

21-11-2011

Anticipation  :
In the shorter-term, a first acceleration phase allowed the index to rise above the level at 246.30 points, having performed several recoveries from the support and then overflowing the resistance. The prices are now consolidating between this solid support and the resistance at 254.10 points. The current contact with the lower threshold of this range, now reinforced by the 100-day moving average, should result in a new rebound towards the upper threshold. We are therefore short-term positive, and looking for a new test of the resistance at 254.10 points in the next sessions. We set the invalidation threshold for this positive scenario slightly below the support at 246.30 points.

Close price 246.53

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 254,1 / 260,2 pts
Supports 246,3 / 238,2 pts


Follow-up Analysys: Our DBD Tracker dated 14/11/2011 recommended the purchase of the Dow Jones Industrial Average. As expected, prices are currently declining back towards the support at 11,642 points. We remind you, however, that if it is broken, our (bullish) anticipation would be invalidated.

DISCAIMER

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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