Europe shares pause at 5-yr highs amid chart caution

13/05/2013 11:07 AST

European shares paused at five-year highs Monday, buoyed by some solid corporate earnings, although charts suggested near-term gains may be limited after a three-week rally that has left some indexes overbought.

Italian motorway operator Atlantia and miner Glencore Xstrata were among strong gainers after respective their quarterly updates.

They helped the pan-European FTSEurofirst 300 trade flat at 1,233.96 points at 0714 GMT.

The index, as well as key national gauges such as Germany's DAX, was deep in "overbought" territory, its Relative Strength Index, a momentum indicator showed, meaning further gains may be hard to come by if short-term technical traders use it as a reason to book profits.

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