SERBIA AND SLOVENIA

Frontier markets performed well over the past year. More and more frontier equity markets are gaining strength. Both Serbia and Slovenia equity indices are completing 2 year-long base formations. Slovenia SBITOP Index cleared 700 levels; a horizontal resistance for the cup & handle formation. Index should target 970 levels in the medium-term. Serbia SRX USD index is one step behind from Slovenia. Serbia is still preparing for a strong breakout above 187 levels that will also complete the bullish chart pattern. Both indices are gaining strength and technical outlook is turning positive. More information on cup with handle formation (here).