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Bearish Focus

EUROSTOXX50 TECHS
  • RES 4: 3348.77 High Sep 16
  • RES 3: 3326.79 High Sep 18
  • RES 2: 3305.77 High Oct 12 and the bull trigger
  • RES 1: 3282.52 High Oct 19
  • PRICE: 3180.70 @ Close Oct 21
  • SUP 1: 3174.64 Low Oct 15
  • SUP 2: 3147.28 Low Oct 2 and key support
  • SUP 3: 3097.67 Low Sep 25 and the bear trigger
  • SUP 4: 3054.11 Low June 15

A bearish EUROSTOXX 50 focus remains intact and the index traded sharply lower yesterday. Recent weakness off the 3305.77 high from Oct 12 potentially reverses the recent Sep 25 - Oct 12 recovery. Attention is on 3147.28, Oct 2 low where a break would expose the key support handle at 3097.67, Sep 25 low. Clearance of this level would mark an important bearish break. Key near-term resistance is at 3282.55, Oct 19 high.

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