Bearish Engulfing *RES 4:.........>

EUROSTOXX50 TECHS: Bearish Engulfing

*RES 4: 3269.66 61.8% retracement of the Feb - Mar sell-off

*RES 3: 3200.00 Round number resistance

*RES 2: 3085.06 50.0% retracement of the Feb - Mar sell-off

*RES 1: 3023.83 High Apr 30

*PRICE: 2927.93 @ Close Apr 30

*SUP 1: 2827.60 20-day EMA

*SUP 2: 2791.34 Low Apr 21 and bear trigger

*SUP 3: 2701.86 Low Apr 6

*SUP 4: 2626.10 Low Apr 2 and key support

EUROSTOXX 50 price action on Apr 30 in Japanese candle terms is a bearish

engulfing. This is a strong reversal signal and suggests bullish sentiment and

momentum is waning. The significance of this pattern is reinforced by the fact

that Thursday's move lower follows a failed attempt to confirm a clear break of

the key 50-day EMA. The average intersects at 2991.66. A near-term bearish

threat has developed exposing 2791.34, Apr 21 low. Resistance is 3023.83.