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Euro STOXX 50 equity index sets fresh 2012 high

Source : REUTERS
Last Updated: Thu, Dec 06, 2012 09:40 hrs

LONDON, Dec 6 (Reuters) - The eurozone's blue-chip Euro STOXX 50 equity index set a fresh 2012 high on Thursday, advancing after it managed to breach a previous resistance level that was around the 2,610 point level.

The Euro STOXX 50 rose as much as 1 percent to an intraday peak of 2,617.83 points, and the STOXX 600 index also set a fresh intraday peak for 2012 at 279.17.

Technical analysts said the Euro STOXX 50 and STOXX 600 looked poised to rally further in the coming months.

"We cleared resistances so the outlook is probably bullish for the year and maybe also the first quarter," Ouri Mimran, a technical strategist at Natixis in Paris, said.

Looking at the first quarter of 2013, Mimran targeted the 2011 highs on the STOXX 600 at 292 points in a cautious scenario and the 61.8 percent retracement of the sell-off in 2007-09 at 307 points in a more bullish scenario.




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