From : International Equity Index Daily Hotline: 21 May 2013
Chart of the day: Mexican market extends downtrend
Recording a 1.7% loss, the Mexican IPC index has extended the downtrend from this year's top formation. The next target is the August-November 2012 floor area, which is close to the sideways region around the round 40000 figure. There is the possibility of additional weakness thereafter towards the May/June 2012 trough. We follow the P&F Breakout signal generated at 41500. The stop is placed at 43500 for the time being.