UPM-Kymmene (FI): reversing
Company profile: UPM-Kymmene Oyj manufactures forest products. The Company focuses on magazine papers, newsprint, and fine and specialty papers. UPM-Kymmene also makes self-adhesive labels, siliconized papers, industrial wrappings, and packaging papers. The Company’s Wood Products division produces sawn products, plywood, and other building materials. UPM-Kymmene is active in many countries.
Weekly outlook: Phase 1 of a trend reversal is in progress: clearing the resistance line of 2012. Step 2 will be a rally above the peaks at 9.67 after which a new uptrend will take hold. Of course buyers must now show their conviction, but the undertone and intermarket factors are friendly. The ESTX600 Basic Materials has just started a bull market and daily momentum is good. Do keep in mind that the stock is a slight underperformer within the ESTX600 BM sector.
- Primary trend: neutral
- Outlook: moderately positive > 9.36
- Support: 8.66 / 7.95
- Resistance: 9.36 / 9.67 / 10.69+
Weekly chart UPM-Kymmene (Finland)
Category: Europe
