Andy Dodd, Head of Technical Research at Louis Capital Markets, gives his technical outlook for seven European equity sectors.
Notable amongst his views are his bullish outlook for utilities and bearish outlook for banks. See below for his sector summary (based on STOXX indices):
– Automobiles & Parts (SXAP): downtrend intact but bullish Hammer yesterday
– Banks (SX7E): trending lower
– Basic Resources (SXPP): trending lower but bullish candle short-term
– Food & Beverage (SX3P): potential top pattern but relative uptrend intact
– Insurance (SXIP): bullish candle at 200 day MA
– Oil & Gas (SXEP): at support
– Utilities (SX6P): uptrends intact in both absolute and relative terms. Bullish patterns in single stocks such as PNN LN, VIE FP, etc.
Read the full report.