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Bearish Theme Dominates *RES 4:...>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Bearish Theme Dominates
*RES 4: 3802,68 High Jan 22
*RES 3: 3795.33 High Jan 24
*RES 2: 3772.18 Former trendline resistance drawn off the Aug 15 low
*RES 1: 3754.63 High Jan 27
*PRICE: 3736.36 @ Close Jan 29
*SUP 1: 3673.80 Low Jan 27
*SUP 2: 3659.53 Low Dec 11
*SUP 3: 3646.48 76.4% retracement of the Dec 3 - Jan 17 rally
*SUP 4: 3625.00 Low Dec 10
EUROSTOXX50 was firmer yesterday. The move off Tuesday's low is viewed as a
correction. This week has seen price action confirm a break of key trendline
support drawn off the Aug 15 low highlighting a bearish backdrop and signalling
a trend reversal. Further weakness is likely with attention on 3625.00 on a
break of 3671.74. The trendline intersects at 3772.18 marking a key resistance
level today.

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