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50-day EMA caps gains *RES 4:.....>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: 50-day EMA caps gains
*RES 4: 3445.84 61.8% retracement of the Jul 25-Aug 15 sell-off
*RES 3: 3424.68 Low Jun 27
*RES 2: 3406.39 50.0% retracement of the Jul 25 - Aug 15 downleg
*RES 1: 3405.06/35 50-day EMA / High Aug 22
*PRICE: 3334.25 @ Close Aug 23
*SUP 1: 3332.93 Low Aug 19
*SUP 2: 3286.54 Low Aug 16
*SUP 3: 3239.20 Low Aug 15 and key support
*SUP 4: 3175.71 Low Feb 15
EUROSTOXX50 sold off sharply Friday. This reinforces the bearish significance of
the recent inability to clear resistance around the 50-day EMA. The reversal off
Thursday's high also signals an end to the recent correction and the focus
shifts to 3000.00 and 3286.54, the latter is the Aug 16 low. A break of 3286.54
would open 3239.20, the Aug 15 low and key bear trigger. A move above 3405.35 is
required to reinstate a bullish outlook.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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