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Technical Analysis: Stoxx Europe 600 Oil & Gas index : Bullish reversal

PETROLIO3

Technical Commentary :
The Stoxx Europe 600 Oil & Gas index is composed of the 33 most traded companies among the European Energy sector…...


Day By Day – Indipendent Research


This index has been evolving sideways within a large range (260-360 points) for more than two years. No medium-term trend can be identified within this configuration, and as long as prices stay confined in it, it will be difficult to adopt any clear-cut opinion. We are thus neutral for the weeks to come.

16072012


Anticipation  :

On the short-term side, the index presents a bullish dynamic since the validation of a reverse head & shoulders reversal pattern, formed above the 294.80 points major support. After testing the signal quality (pull-back on 324.60 points) prices are now resuming their bullish trend. The reversal pattern should thus generate a sound bullish move toward 342.40 then 352.50 points.
We are positive in the short term and we set the invalidation level of this scenario slightly below the 324.60 support, last rebound level.

Close price 333.48

2 months Opinion BULLISH
2 weeks Opinion POSITIVE

Resistances 342,4 / 352,5 pts
Supports 324,6 / 304,5 pts


Follow-up Analysys: On July 9th, we recommanded the purchase of the EuroMTS 5-7 years index. Since then, prices have kept progressing and are now approaching our target at 183.90 points.
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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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