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Bouncing Nicely Off Friday Close

EUROSTOXX50 TECHS
  • RES 4: 3498.07 76.4% retracement of the Feb - Mar sell-off
  • RES 3: 3451.16 High Jul 21 and the bull trigger
  • RES 2: 3349.54 High Jul 24
  • RES 1: 3317.18 High Jul 27
  • PRICE: 3247.00 @ 05:16 BST Aug 4
  • SUP 1: 3174.38 Low Jul 30
  • SUP 2: 3149.67 Low Jun 25
  • SUP 3: 3054.11 Low Jun 15
  • SUP 4: 3012.50 38.2% retracement of the Mar - Jul rally

After the poor close Friday, EUROSTOXX 50 recovered nicely Monday to take out the Friday high, but stopped short of any major trend reversal. The sell-off from 3451.16, Jul 21 high is still exerting influence having accelerated through bull channel support drawn off the Mar 16 low. This signals a potentially important reversal and opens 3149.67, Jun 25 low and 3054.11, Jun 15 low. On the upside, 3317.29, high Jul 27 is resistance.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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