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Bearish Engulfing Pattern *RES....>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Bearish Engulfing Pattern
*RES 4: 3588.68 High Oct 1 and key resistance
*RES 3: 3516.88 High Oct 2
*RES 2: 3480.28 Low Sep 25 and former breakout point
*RES 1: 3476.46 High Oct 8
*PRICE: 3432.76 @ Close Oct 8
*SUP 1: 3398.64 Low Oct 3 and near-term bear trigger
*SUP 2: 3372.70 61.8% retracement of Aug 15 - Oct 1 rally
*SUP 3: 3356.68 Low Aug 29
*SUP 4: 3321.68 76.4% retracement of Aug 15 - Oct 1 rally
A 3-day recovery in EUROSTOXX50 ended abruptly yesterday. The sharp sell-off in
candle terms is a bearish engulfing and signals a resumption of the decline that
began recently off the Oct 1 high. Attention turns to the 3398.64 low from Oct 3
where a break would open 3372.70, 61.8% of the Aug 8 - Oct 1 rally. Momentum
studies are also pointing down reinforcing the current bearish theme. Resistance
is at the 3480.28 former breakout level.

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