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Technical Analysis: Emerging Market Eastern Europe Index: toward the upper threshold of the range

RUSSIA

Technical Commentary :
The Emerging Market Eastern Europe index is composed of 54 Equities representing the performance of the Stock Exchanges of Russia, Poland, Czech Republic and Hungary……...


Day By Day – Indipendent Research


For a year now, the index has been evolving sideways within a range whose boundaries are the major levels of 162.50 points and 228.90 points. We cannot identify any clear dynamic in this movement and we will therefore remain neutral in the medium term as long as the range is intact.


 

01102012


 
Anticipation :

In the short term, prices are moving with bullish momentum, since the last test of the 162.50 points major support – lower boundary of the medium-term consolidation range. Sustained by the 50-day moving average, the rising movement led prices beyond the 195.50 points level – this point is important as it is a former resistance (now support) as well as the middle of the channel. The overflow of this key threshold allows considering the extension of the current bullish dynamic over the coming sessions. Ahead of the test of the upper threshold of the range, the first target can be located on the 220.10 points resistance. The trend is clearly bullish in the short term and we set the threshold invalidation of this scenario slightly below the 195.50 support; its breach would ebb any positive expectation.

  


Close price 199.05

2 months Opinion NEUTRAL
2 weeks Opinion POSITIVE

Resistances 220,1 / 228,9 pts
Supports 195,5 / 186,2 pts


Follow-up Analysys: On September 10th, we have recommended the purchase of Nikkei 225 index ETFs related. Since then, the rally we expected has occurred and our 9150 points target has been reached.


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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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