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Bearish Theme Dominates *RES 4:...>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Bearish Theme Dominates
*RES 4: 3795.33 High Jan 24
*RES 3: 3776.74 Former trendline resistance drawn off the Aug 15 low
*RES 2: 3754.63 High Jan 27
*RES 1: 3743.26 High Jan 29
*PRICE: 3690.78 @ Close Jan 30
*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 traded lower yesterday. We still view the move off Tuesday's low 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 the recent 3671.74 low. The trendline intersects at 3776.74 marking a
key near-term resistance level.

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