Europe Top 200 Weekly Technical Strategy
The SXXE tests 2021 highs. Both short- and medium-term Breadth are failing at the tops of their ranges, showing negative divergence with the indices. Technology and Media made new highs, while Insurance made a new high but no new relative high. Banks may be struggling, they edge to a new high but now encounter relative resistance. Retail may form short term tops. Energy reasserts short term downtrends, while Health makes a new medium-term relative low. Stockcube’s portfolio remains net long with 42 long positions and 18 short. Recently opened trades include Sartorius Stedim Biotech and Stellantis (both long) and ArcelorMittal (short).
Edition: 179
- 09 February, 2024