Bearish engulfing candle *RES.....>

EUROSTOXX50 TECHS: Bearish engulfing candle

*RES 4: 3668.82 1.618 projection of Jun 27-Jul 4 rally off the Jul 27 low

*RES 3: 3596.20 High May 18, 2018

*RES 2: 3591.83 1.00 projection of Jun 27-Jul 4 rally off the Jul 27 low

*RES 1: 3573.57 High Jul 25

*PRICE: 3523.58 @ Close Jul 29

*SUP 1: 3491.77 Low Jul 25

*SUP 2: 3467.25 Low Jul 18 and key support

*SUP 3: 3462.42 50-day EMA

*SUP 4: 3442.39 Low Jun 28

EUROSTOXX50 traded in a volatile fashion last Thursday, rallying to a fresh

trend high followed by a strong rejection of the high and closed down on the

day. In Japanese candle terms, this resulted in a bearish engulfing reversal

pattern. It suggests a correction lower is likely to unfold near-term. A break

of Thursday's low of 3491.77 would open 3467.25 initially. On the upside, a move

above 3573.57 is required to negate the candle pattern and resume the uptrend.