Posted: September 30, 2013 Filed under: H&S Bottom | Tags: Berlusconi, Enrico Letta, EWI, Gianni Letta, Italy, Silvio Berlusconi
The Italian stock market measured through iShares MSCI Italy Index Fund (EWI) has been building a base for the last 2 years. As shown below EWI formed a complex H&S bottom with a neckline at 14.63. With the pattern getting ready to breakout, Berlusconi could have not chosen a worse time to jinx the market, warn of pulling his party’s ministers last week and actually delivering on his warning this week.
Keep EWI on the watch list as its too early now to call the shots but a close below 11.54 negates the pattern and announces Berlusconi as the Winner !
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