Index/Security: Gartmore
European IT
Short Term Trend
Last indicator = SELL @ 353p Level on 20/9/1999.
Trend still down - Since signal date by 4%.
Guides:
Black = Index showing BUY/SELL Arrows
Red
= 100 Day Moving Average
Blue
= 200 Day Moving Average
Magenta = Trend Channel
Observations
1. The SELL indicator of 20/9/99 is still in place.
2. The price has been in a 320p/370p sideways trend.
3. Short term the price needs to regain the 350p level.
Long Term Trend
Observations
1. The price is testing the long term moving average.
2. The uptrend since mid 1992 is still in place.
Conclusion
1. The downtrend signaled @ 20/9/1999 continues.
2. There is good support at 320p and resistance at 370p.
3. If the price falls through the 320p level it could fall a further 15% to the 270p lower trend line.
Await penetration of the 370p level before considering a purchase.
