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Bullish Development

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: 3349.76 High Aug 11
  • RES 1: 3334.20 200-dma
  • PRICE: 3332.12 @ Close Aug 11
  • 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

EUROSTOXX 50 rebounded sharply Tuesday, rising sharply back above the 3300 level to represent a bullish development. A close above the 200-dma is now needed to unlock a further move higher, with the previous recovery high at 3451.16 the next target. The sell-off from 3451.16, Jul 21 high has now concluded, opening levels not seen since early March.

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