For the last five years the European technology sector has been locked in a trading range relative to the MSCI All Country World Index (USD).

Recently, however, European technology stocks have been performing quite well.  On an equal weighted basis, they have been the second best performing group in Europe year-to-date.

While there are only 17 companies in the MSCI Europe Information Technology Sector, there are several that stand out to us as particularly attractive.  In the charts below we identify a handful of companies that appear to be behaving quite well.  In our point and figure charts, we show the volatility adjusted relative strength relative to the MSCI All Country World Index. We employ a 2.5% constant box size and three box reversal so fluctuations in relative strength reversals are dampened and the longer-term, structural performance trend emerges.