Of all the places to put money to work in Europe, the pharmaceutical sector is the most promising, a technical analyst told CNBC Thursday.
"The health-care sector is in a downtrend, as well as the overall market, but from a relative strength perspective, you see a relatively nice uptrend since the peak of the equity market last May," Edward Loef, technical analyst at Theodoor Gilissen Bankiers said when analyzing the chart for Dow Jones Stoxx Health Care index and the Dow Jones Stoxx 600.
Swiss drug makers like Novartis and Roche, and France's Sanofi-Aventis are the best defensive stocks to invest in, Loef said.
"Novartis is in an uptrend, and it's a 'buy' from a fundamental technical perspective," he told "Squawk Box Europe".
The DJ Stoxx Health Care sector was down 1.3 percent on Thursday, with all three companies trading in the red.
- Watch a full-length interview of Novartis CEO Daniel Vasella >>>