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Bearish Risk Remains Present

  • RES 4: 3762.35 High Feb 24
  • RES 3: 3668.70 High Feb 25
  • RES 2: 3657.83 High Jan 8 and the bull trigger
  • RES 1: 3621.49 High Jan 25
  • PRICE: 3557.04 @ Close Jan 28
  • SUP 1: 3473.76 Low Jan 28
  • SUP 2: 3455.94 Low Dec 22
  • SUP 3: 3401.14 Low Dec 21 and a key support
  • SUP 4: 3396.02 High Sep 3, 2020

EUROSTOXX 50 traded lower yesterday before finding support at session lows. This week's extension of the pullback from 3657.83, Jan 8 high however highlights a bearish theme. Wednesday saw the index trade through 3524.63, Jan 5 low and the 50-day EMA. This reinforces a bearish case and opens 3455.94, the Dec 22 low. On the upside, key resistance and the bull trigger remains 3657.83. A break would resume the underlying uptrend.

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