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Free AccessBearish Engulfing Pattern *RES....>
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: 3462.11 @ Close Oct 9
*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
EUROSTOXX50 rebounded yesterday. The focus however remains on Tuesday's
sell-off, that in candle terms is a bearish engulfing and signals both an end to
the 3-day correction between Oct 3-7 and a resumption of the decline that
started off the Oct 1 high. Attention is on the 3398.64 low from Oct 3 where a
break would open 3372.70, 61.8% of the Aug 8 - Oct 1 rally. Resistance for now
remains the former breakout point of 3480.28, Sep 25 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.