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Arrives At Bear Channel Base

  • RES 4: 3282.55 High Oct 19
  • RES 3: 3231.80 50-day EMA
  • RES 2: 3217.96 High Oct 23 and the near term key resistance
  • RES 1: 3135.48 Low Oct 22
  • PRICE: 3070.60 @ Close Oct 27
  • SUP 1: 3064.10 Bear channel base drawn off the Jul 21 high
  • SUP 2: 3054.11 Low June 15
  • SUP 3: 3012.50 38.2% retracement of the Mar - Jul uptrend
  • SUP 4: 3002.66 Low May 27

A bearish EUROSTOXX 50 session yesterday saw the index extend the recent sell-off. Importantly for bears, price has cleared key support at 3097.67, Sep 25 low. This confirms a resumption of the downtrend that started Jul 21. Note, price has arrived at the base of a bear channel drawn off the Jul 21 high. The base intersects at 3064.10. This is a key support that if breached would reinforce bearish conditions. Key resistance is at 3217.96.

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