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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: 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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