Hannover Rueckversicherung, listed on XETRA Franckfurt, is trading in a bullish trend and several arguments argue for the continuation of this trend.

The company’s fundamentals are still strong. Sales are up + 8.8% for one year. Analysts from Thomson Reuters consensus have revised largely upward their EPS estimates.

Prices are well-oriented for a long time. The reversal should continue in the coming trading sessions. The 20-day moving average should help to break the EUR 60.1 resistance.

Thanks to these good indicators, it seems relevant to take a long position in Hannover Rueckversicherung at the current price. The target price will be set at EUR 62.5. A stop loss will be placed under the EUR 57.65 short term support because a breakdown of this level would damage technical pattern.