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Technical Analysis: EuroMTS Highest-Rated Gvt 1-3Y index: new historical high

GRAFICO CAMBI

Technical Commentary :  The EuroMTS Highest-Rated Gvt 1-3Y index measures the highest-rated Government Bond’s performance in the Eurozone, with a weight for each country calculated according to macroeconomic indicators. ……. 


Day By Day – Indipendent Research


This index evolves in a clearly bullish trend, as shown by the succession of ascending peaks and troughs as well as the direction of the 100-day moving average. There are no elements questioning the pursuance of this move for the weeks to come. We are thus bullish over the medium term.

12112012

    
Anticipation :   

In the shorter term, prices are breaking out of a consolidation phase contained in a slightly bearish channel. The breakout of this pattern generated a bullish acceleration which led prices to new record levels. This sign of strength confirms the resumption of the bullish dynamic. The targets of the move to come are located at 164 points then 164.50 points (Fibonacci extension resistance), level combined with the projection of the last bullish impulse (blue arrows). The ascending 100-day moving average acts as a dynamic support and confirms this bullish anticipation.
We set the invalidation threshold of this scenario slightly below the 163.55 points support, which breach would indicate the reintegration of the consolidation channel. 

 

Close price 163,79

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 164 / 164,5 pts
Supports 163,55 / 163,30 pts

 


Follow-up Analysys: On October 29th, we recommanded the  purchase of the Stoxx Europe 600 Personal  & Household Goods Net Return index. Since  then, prices resumed their bullish dynamic  and reached our target, at 500.60 points.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

 

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