UK & Europe: Italy threatens breakout

Italy’s MIB Index is testing resistance at 17,000 after several weeks narrow consolidation — signaling continuation of the up-trend. Rising 13-week Twiggs Money Flow indicates buying pressure.

MIB Index

* Target calculation: 17,000 + ( 17,000 – 14,000 ) = 20,000

Germany’s DAX is testing medium-term resistance at 7000. Upward breakout is likely and would indicate a test of 7500*.

DAX Index

* Target calculation: 6500 + ( 6500 – 5500 ) = 7500

The FTSE 100 Index also encountered resistance — as indicated by short candles below 6000 over the past four weeks and the triangle pattern on 13-week Twiggs Money Flow. Breakout above 6100 would signal a fresh primary advance, while reversal below the rising trendline would warn of a correction to primary support at 5000.

FTSE 100 Index

* Long-term target calculation: 6000 + ( 6000 – 5000 ) = 7000

One thought on “UK & Europe: Italy threatens breakout

  1. […] here: UK & Europe: Italy threatens breakout « Gold, Stocks & Forex Related Posts:With Nasdaq soaring, is 2012 tech’s breakout year? – The Associated Press […]

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