Hannover Re : Healthy bullish trend
Entry price | Target | Stop-loss | Potential |
---|
€60.35 |
€0 |
€58.3 |
-100% |
---|
May 7, Hannover Rueck published its results for the first quarter of 2013. Sales increased by 6% and an EPS down 15.4% at EUR 1.833, but above analysts estimates (EUR 1.72).
However, ESP estimates has largely been revised upward by the Thomson Reuters consensus. Moreover, sales estimates for the coming years are encouraging.
Technically, the dynamic remain bullish in the medium and long term. Nonetheless, prices has been stopped by the EUR 64.4 resistance. The stock is, now, back to the EUR 60.2 pivot point, corresponding to a bullish trend line as well as the 100-day moving average. These graphical elements argue in favor of a rebound towards EUR 64.4.
Thus, it seems opportune to take a long position at the current price in order to benefit from a resumption of the bullish trend. The first target will be the EUR 64.4 medium term resistance. A stop loss must be placed below the EUR 58.8 support.
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