Europe Stock Market Monthly Update.
Europe is represented by various countries including Germany, France and Italy and these countries, along with 16 others have adopted the Euro currency. We will analyse the The Stocxx 50 ($SX5E-STX) index which best represents all these countries.
Note: All charts will be provided by eSignal.
Below is the Monthly Chart.
September saw price move up. If price can break the resistance at 3658 there is a good chance that it will get to the top of the consolidation pattern, which is between 2123 and 3840.22. We will continue to monitor this throughout the month.
Below is the Weekly Chart
September saw the IMTF™ resistance 3542.88 disappear. This enabled price to move up towards the resistance of 3660. This upwards movement has caused the Tenken Sen to change direction. Will October see the Tenken Sen cross above the Kijen Sen? If it does, this may be an opportunity of look for some bullish opportunities.
Below is the Daily Chart
The Daily chart is in confirmation with the weekly. Price moved above the cloud and last week, held the IMTF™ support at 3536 and triggered the cloud breakout strategy. The target for anyone trading this timeframe would be 3660. For those who missed this trade, there may be other bullish opportunities on lower timeframes.
Based on the direct of price.
Here is a list of European stocks that are completely bullish:
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