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Bearish Focus

EUROSTOXX50 TECHS
  • RES 4: 3396.02 High Sep 3 and the bull trigger
  • RES 3: 3348.77 High Sep 16
  • RES 2: 3277.42 High Sep 21
  • RES 1: 3234.81 Low Sep 4 and a former breakout level
  • PRICE: 3180.11 @ Close Sep 23
  • SUP 1: 3150.61 Low Sep 21
  • SUP 2: 3100.00 Round number support
  • SUP 3: 3054.11 Low Jun 15
  • SUP 4: 3012.50 38.2% retracement of the Mar - Jul rally

EUROSTOXX 50 remains bearish following Monday's strong sell-off. The move lower saw support at 3221.42, Aug 21 low give way. This signals the end of the recent broad consolidation that has dominated. Furthermore, primary support at 3173.98, Aug 3 low was also breached reinforcing the current bearish threat. The break lower signals scope for weakness towards 3100.00 and below. Initial resistance is at 3234.81, Sep 4 low.

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