Gavekal Capital: MSCI Europe: Today's Best and Worst Performers

Tuesday, February 4, 2014

MSCI Europe: Today's Best and Worst Performers

Following a very strong earnings report, Neste Oil gained almost 9% today. The good news would seem to be that the 45-degree bullish support line (BSL) is holding. But look out for long-term resistance at 'C'-- this stock could just be testing the upper bound of its trading range:

On the opposite end of the spectrum, ARM Holdings was down more than 5% today after the semiconductor supplier to Apple's iPhone and iPad reported less than stellar growth in royalty revenue. It would seem to be a safe bet that the current column of o's continued down, through the (high performance) support line. Next stop: support at the 45-degree BSL?

Note that these point-and-figure charts are relative to the MSCI World Index.

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