TRADE: NMX6570 (Mobile Telecomms FTSE350 Sector)
A slightly unusual trade for me – but I do like the multiple confluences of this FTSE350 sector to initiate a long position.
I will be entering long above 3850 with an initial target of 4200.
- Closed above 50+200eMA
- Broke out of descending trendline
- Bullish divergence on MACD – signal line produces buy signal and crosses over zero line
- ADX is neutral – ideal for a swing trade
- Point & Figure chart has produced a triple top – buy above 3850
- Sector has outperformed FTSE100 in recent weeks, despite under-performing since Feb 2011