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Technical Analysis: Stoxx Europe 600 Personnal & Household Goods Net Return Index: The dynamic resumes towards historical highs

Technical Commentary : The  Stoxx  Europe  600  Personnal  &  Household  Goods  Net  Return  is  an  index  composed  of  30  different  stocks  among  the european  Personnal  &  Household  Goods  sector.…….


Day By Day – Indipendent Research


This  index  evolves  in  a  bullish  trend,  materialized  by  the  succession  of ascending troughs and peaks and confirmed by the 200-day moving average orientation. Despite the recent consolidation phase, no significant trough has been breached and  therefore  the dynamic  remains bullish  for  the weeks  to come. We are bullish over the medium term.

29102012

    
Anticipation :  

In the shorter term, the consolidation initiated following the inscription of a new historical high at 513.50 points was stopped by the 476.10  points  support.  This  level  is  important:  it  corresponds  to  the  50%  retracement  ratio  of  the  last  bullish  impulse,  now strengthened by the ascending 200-day moving average. Prices then formed a base (progressive reversal pattern) above this key level. A bullish breakout would thus allow the index to resume its dynamic towards historical highs.

We are  therefore bullish over  the short  term  too and expect prices  to  join  the 513.50  resistance  in  the near  future. We set  the invalidation  threshold  of  this  scenario  slightly  below  the  476.10  support.  The  breach  of  this  level  would  delay  any  bullish anticipation.

Close price 486,59

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 492,2 / 500,65 pts
Supports 476,1 / 465,8 pts


Follow-up Analysys: On  October  15th  we  recommended  the purchase  of  the DAX  30  index.  Since  then, prices bounced as expected and reached our target at 7442.50 points.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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