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(U2) Consolidation Mode

EUROSTOXX50 TECHS
  • RES 4: 3774.00 High Jun 9
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3642.29 50-day EMA
  • RES 1: 3567.00 High Jun 16
  • PRICE: 3462.00 @ 05:46 BST Jun 24
  • SUP 1: 3384.00 Low Jun 16 and the bear trigger
  • SUP 2: 3300.00 Round number support
  • SUP 3: 3241.70 1.382 proj of the Mar 29 - May 10 - Jun 6 price swing
  • SUP 4: 3189.10 1.50 proj of the Mar 29 - May 10 - Jun 6 price swing

EUROSTOXX 50 futures are consolidating. The trend direction though, remains down. The breach last week of key support at 3456.00, May 10 low, reinforces bearish conditions and signals potential for weakness towards 3300.00 next. Moving average studies remain in a bear mode condition, highlighting current trend conditions. Initial firm resistance is seen at 3642.29, the 50-day EMA.

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