Subject: Chart Europe Sectors - Not all Sectors
I thought it couyld be interesting to have a look to sectors and see if there is a long or short bias by sector. You won’t be surprised that I found a short bias with very few sector I will be long.
I hope you will find that interesting.Best
Laurent
EuroStoxx Health Care – SXDE
Trading on support Levels – Not a big fan of the sector but could see rebound if mkt bounce back
Lost more than 10% since highs in May ’17.
845/855 appears to be a support (2% from current level), if we break this level 800 next support
As I am a bearish biais on the market I would wait before going long.
EuroStoxx Telecom – SXKP
Trading on a resistance level – Still Think more downside on the sector as strategy doesn’t look clear, with price & ARPU still going down.Lost more than 5% since highs in May’17, but stock has been underperforming for months.
I See support 4% lower but I think could go lower than that.
Trading 299, next support 280, 270/265
EuroStoxx Financials – SX7E
Trading on Resistance Level for me – best will be to short 2% higher, first support on 50d MA around the 133 level but will play the 127.5 levels.
if we break the 127 I see 122.60(200d MA), 112.5 as potential support.
I still see more reward to be short than long as upside look limited for me (142.5)
EuroStoxx Industrials – SXNP
Trading on support, downside look limited for me as support is \around the 493.5 levels (2.7% lower), strong support a 485 200d MA
EuroStoxx Food & Beverage – SX3P
One of the sector I would buy on weakness as I find it defensive, will wait 200d MA level around the 630 levels (3% lower), If we rwak this level I see support omn the 613 & 600 levels
50d MA (662) level appear to be a resistance level to monitor
EuroStoxx Utility – SX6P
See some more downside 283/284 (-3.2%) but strong support on 279 levels
EuroStoxx Media – SXMP
Consolidate for the last 10days on support level after underperforming the broader market… one of sector I would go long as Media look to be an interesting play and that next move for big tech company will be content
275 is not a bad level even if 272 will have been better, I will play a rebound to test the 284 levels and I like the logic of being long of the sector
EurStoxx Auto – SXAP
Not a long for me – I see some more downside, still 2 small gaps to fill 1.5% lower and 5% lower. I will try a rebound on the 503 level but not before and appears to be more a sector to sell on rebound.
Strong support on the 482
EuroStoxx Energy – SXEP
Miss The Rebound I will wait for higher level to sell, 303/306 is my level to sell the Energy sector, 305 (200d MA) 4.45% higher
EuroStoxx Basic Ressources – SXPP
Not a clear view on this one. I would rather wait the 433 levels to initiate a short position. I can’t see trading above the 440.