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Bearish Cycle Dominates

EUROSTOXX50 TECHS
  • RES 4: 3348.77 High Sep 16
  • RES 3: 3277.42 High Sep 21
  • RES 2: 3223.73 High Sep 23 and the key near-term resistance
  • RES 1: 3181.13 High Sep 24
  • PRICE: 3137.06 @ Close Sep 25
  • SUP 1: 3097.67 Low Sep 25
  • SUP 2: 3054.11 Low Jun 15
  • SUP 3: 3012.50 38.2% retracement of the Mar - Jul rally
  • SUP 4: 3002.66 Low May 27

EUROSTOXX 50 traded lower Friday and a bearish tone remains intact. The move lower last week saw 3221.42, Aug 21 low give way. This highlights the end of a recent broad consolidation. Furthermore, primary support at 3173.98, Aug 3 low was also breached, reinforcing the current bearish threat. The break lower signals scope for weakness below 3100.00 and has opened 3054.11, Jun 15 low. Firm resistance is at 3223.73, Sep 23 high .

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