Bearish Risk *RES 4: 3394.90......>

EUROSTOXX50 TECHS: Bearish Risk

*RES 4: 3394.90 High Jun 8 and the bull trigger

*RES 3: 3355.76 High Jun 10

*RES 2: 3317.87 High Jun 23 and key near-term resistance

*RES 1: 3272.97 High Jun 26

*PRICE: 3232.02 @ Close Jun 29

*SUP 1: 3149.67 Low Jun 25

*SUP 2: 3115.15/3054.11 50-day EMA / Low Jun 15

*SUP 3: 3024.35 Bull channel base drawn off the Jun 16 low.

*SUP 4: 3023.83 High Apr 30

EUROSTOXX 50 experienced a sharp sell-off on Jun 24 but did manage to retrace

some losses late last week. The outlook though remains bearish. Recent gains

between Jun 15 - 23 are likely a correction and the move lower on Jun 24

suggests a top has been defined at 3317.87, Jun 23 high. Further weakness would

signal scope for a test of key support at 3054.11, Jun 15 low. The index needs

to break above 3317.87 to ease the developing bearish threat.