Europe Set to Soar

• Posted by Greg Harmon
• on August 11th, 2015

Friday I wrote here about how the French market was about to break out to new all time high levels. I thought it would be nice to give the French some of the limelight since the whole Gotye thing is long done. But with the passing of the weekend the future of all of Europe is looking a lot brighter. Noone cares about the financial health of Greece as they sit on the beaches in Greece. All markets are now ready to move higher.

The Euro Stoxx 50 represents a supersector of leading stocks throughout the Eurozone. And much like that CAC 40 chart from last week it is rising to test resistance. This one shows the Bollinger Bands® opening to the upside as it reaches resistance. The RSI is pressing into the bullish zone and the MACD is turning higher. A break of the resistance carries a target to 4300 on an AB=CD pattern. There is a more immediate target at 3900 along the way. Yes the Sun is rising over Europe.

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