Stoxx Europe 600

SXXP
Delayed Switzerland - 10/18 05:50:00 pm
391.84EUR
-0.32%

The 393-point wall is difficult to cross

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09/25/2019 | 07:44 am
Opinion : Check out the trading range breakout 380 / 393 
The European Largium Index (without dividend reinvested) has just entered a consolidation phase after testing recent higher levels.  As commercial tensions intensify, profit taking is an obstacle to the 2019 performance, which nevertheless remains at 14%; Over the last sliding month, the index took 3.5%, incorporating excellent monthly performance, such as Umicore, which posted a 29% increase in value, Casino (+28%) and the British NMC Health (+27%). At the same time, sectors that have been badly treated for months have recovered, such as the automotive and banking sectors. Graphically, in daily data,   the 393-point wall could not be crossed. The index came at the time of its last attempt to reach the level after a surge of 8%. A legitimate pause is therefore taking place. The downward target is located towards the convergence zone of the 50 and 100-day moving averages, currently around 382 points. A rapid recovery beyond the 393 points would be required to eliminate the downside risks, a scenario that is unlikely at this stage of the configuration.
Patrick Rejaunier
Zonebourse.com 2019
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