Delayed Swiss Exchange - 09/19 05:33:37 pm

Good resilience despite luxury

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08/22/2019 | 10:36 am
Opinion : Check out the trading range breakout 9530 / 9900 
While investors are cautious on the eve of the Jackson Hole summit, Swiss equities are stabilizing below 9900 points.
Since the beginning of August, the SMI has indeed lost only 1% despite the reappearance of tensions over the trade dispute.

Nevertheless, this moderate decline hides more negative trends, particularly in luxury with Richemont (-9%) or The Swatch Group (-6%), which are giving way with fears added by the demonstrations in Hong Kong. Banks also experienced headwinds, such as UBS and Credit Suisse, both at -5.5%, for the same reference period.

Graphically, in daily data, prices evolve in the form of a W. This configuration in double contact, at the level of 9530 points, has allowed a relaunch towards 9880 points. It would take a crossing of this level to open the way again to 10,000 or more points, in order to get closer to absolute records. A scenario that is not preferred at this stage of the recovery movement, which is more like a pullback limited to the intermediate point of 9900 points.
Patrick Rejaunier 2019
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