European basic resources: bounce fades, sell regains legs
European basic resources ETF drops 2.5% as the rebound stalls
European basic resources: bounce fades, sell regains legs
Our view last week
The European basic resources ETF is in week 2 of a sell signal. The week just closed recovered 1.5%, and signal strength drops to 26 out of 100: a decline losing steam, not an acceleration. The setup quality indicator sits at 51 out of 100, ordinary range, and the ETF ranks 45th among the 54 European sell signals.
This week's summary
The rebound in the European basic resources ETF stalled right at the finish line: after an 8% intermediate bounce off the double bottom in the 76 area, the week closed down 2.5% and the Sell signal, now in its third week, found new legs. In our weekly technical analysis the setup quality indicator climbs to 78 out of 100, in tension, and the basket moves up to 23rd among the 54 European sell signals; signal strength at 26 reads «decline starting to make lower lows».
IQS Phase
78
in tension
Signal Strength
26
decline starting to make lower lows
Sizing
MINIMUM
Ranking
#23 / 54
EU-UK stocks sell signals
Trade P&L %
+1.06%
from signal to today
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