European tech ETF: the rally cools, double bottom holds
The European tech ETF slips 2.6% as the structure turns neutral
European tech ETF: the rally cools, double bottom holds
Our view last week
The European technology ETF iShares STOXX Europe 600 Technology is in week 11 of a buy signal, with all 3 targets of our most advanced model already hit and the trade up 15.13% since entry. The stop now trails the Inversion Point, in the 95.8 area. The weekly structure remains bullish but MACD and momentum have cooled: signal strength at 56 out of 100, ranking 24th among the 62 open buys for European-UK stocks.
This week's summary
Weekly technical analysis. This week the European technology ETF iShares STOXX Europe 600 Technology gave back 2.6%: the rally has lost momentum for weeks, with money flow cooling and momentum down from 22 to 11. The weekly structure, bullish a week ago, has slipped into neutral, with volume contracting. On the daily chart a clean double bottom in the 95 area holds, with a 10% intermediate rebound. The trade stays up 12.13% in its 12th week.
IQS Phase
52
ordinary
Signal Strength
56
medium
Sizing
STANDARD
Ranking
#21 / 60
EU-UK stocks in progress
Trade P&L %
+12.13%
from signal to today
restricted Platinum content