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Technical Analysis: EPRA EUROZONE index : bounce from the middle of the range

europa bandiera b

Technical Commentary: The EPRA EUROZONE index is composed by 29 equities among the real estate sector of the Euro zone. Since the summer 2011 crash, this index has been moving sideways within a wide range between 1250 and 1588 points. Only the ...


Day By Day – Indipendent Research


…breach of one of these thresholds would validate a clear trend. Nothing indicates such signal so far, we do not acknowledge any reversal or even continuation pattern: we are therefore neutral in the medium term.
 
29052012_1

Anticipation  :
On the short term side, the correction initiated from the 1588 points major resistance (upper threshold of the range) has been stopped by the 1434 point support. This level is important: it is the middle of the 1250-1588 points range and it is also the 200-day moving average area (dynamic support). Prices are showing strength on this line and this allows anticipating a bounce toward the 1588 points major resistance. We are therefore positive in the short term.
We set the invalidation level of this bullish view slightly below the 1434 points support.

Close price 1489.89

2 months Opinion NEUTRAL
2 weeks Opinion POSITIVE

Resistances 1516 / 1588 pts
Supports 1434 / 1347 pts


Follow-up Analysys: On May 14th, 2012 we have recommended selling the Eurostoxx50 index. Since then, prices tumbled as anticipated and our 2131 points intermediate target has been reached.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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