The STOXX Europe 600 Index includes a total of 600 stocks, large, medium and small caps of a set of 18 countries in the European region.....
Day By Day – Indipendent Research
After a long period of volatility between September and December, the index managed to adopt a more controlled rhythmic rise. Prices are now approaching the major resistance at 262.40 points, tested several times as a support between 2010 and 2011, correspondingto the 62% Fibonacci retracement ratio of the bearish movement. This solid obstacle should contain the progression in the index for the coming weeks.
The RSI indicator shows an important overbought level in prices, but also leaves us with a bearish divergence indicating that the movement is losing its power. These technical elements argue for a bearish correction towards the last point of rebound.
We are therefore short-term negative and envision a return towards the support zone between 246.10 and 242.10 points.
We set the invalidation threshold for this negative scenario slightly above the major resistance at 262.40 points.
| Close price | 254.11 |
| 2 months Opinion | NEUTRAL |
| 2 weeks Opinion | NEGATIVE |
| Resistances | 262,4 / 267,5 pts |
| Supports | 246,1 / 242,4 pts |
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Source: ETFWorld – Day By Day – Indipendent Research
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