ATX (Austrian Traded Index) and VOESTALPINE (AT0000937503)

Today I want to describe the Austrian stock market a little bit closer and therefore I want to take a look at the ATX (Austrian Traded Index) and one stock of the ATX, namely VOESTALPINE.

The ATX contains 20 stocks with a very high weighting of the banking sector (~30%). The Austrian market is considered as a developed market with a strong exposure to Eastern Europe. That is why the ATX sold off hard in 2008 but also why the ATX was skyrocketing from 2003 to 2007.

Here a monthly chart of the ATX:

The EWO ETF is tracking this index. The next chart shows that the ATX is at a critical level. If the ATX breaks to the upside the next targets are 3200 and then 3600.

During the last few months the ATX was consolidating very nicely and was going sideways.

The ATX is just below its resistance level around 2750 to 2800 and a break below 2650 on a closing basis would indicate further selling and a break to the upside would indicate prices around 3200 in the medium term.

The Voestalpine is an Austrian steel producer. On Friday the company broke above the critical Fibonacci Retracement level and above its high from April. Here is the weekly chart of the Voestalpine. The next major restistance will be around the € 38 area.

Have a nice day and take care!