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Technical Analysis: EuroMTS 7-10 yr index : pull-back on the rectangle

europa parlamento

Technical Commentary: The EuroMTS 7-10 yr. is an index composed of a basket of Euro zone government bonds; it capitalizes coupons. Since November 2011, the index has built a bullish dynamics confirmed by the overflow of the 190 points major level in February 2012. ...


Day By Day – Indipendent Research


…The trend of the 100-day moving average also confirms this dynamics, still sustained by the ECB monetary politics (low rates). This movement should continue in the coming weeks: we are bullish over the mid-term..
 
11062012

Anticipation  :
On the short term side, the index just broke out of a sideways rectangle-shapedconsolidation: this event revived the bullish momentum.
The current pull-back on the pattern is a test of the quality of the signal; therefore, if the consolidation area is not penetrated again, we can expect new historical highs. This bullish scenario is also favored as the ascending 100-day moving average is now a dynamic support. We are therefore positive in the short term and we expect the rallying of the 187.20 points Fibonacci resistance, an extension target also merged with the theoretical target of the rectangle. We set the invalidation level of this positive opinion slightly below the 182.80 points support. 
Close price 183.28

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 187,2 / 191,3 pts
Supports 182,8 / 179 pts


Follow-up Analysys: On May 21, we recommended the purchase of STOXX Europe 600 Industrial Goods and Services index related ETFs. Since the 277.10 points major support, the index strongly bounced as expected and our 291 points target has been reached, leading to a +3.5% performance.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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