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Bullish Structure Remains Intact

EUROSTOXX50 TECHS
  • RES 4: 3630.53 0.618 proj of Mar 16 - Jul 21 rally from Oct 29 low
  • RES 3: 3553.05 High Feb 27
  • RES 2: 3498.07 76.4% retracement of the Feb - Mar sell-off
  • RES 1: 3497.10 High Nov 16
  • PRICE: 3451.97 @ Close Nov 19
  • SUP 1: 3396.02 High Sep 3
  • SUP 2: 3297.80 Former channel top drawn off the Jul 21 high
  • SUP 3: 3305.77 High Oct 12
  • SUP 4: 3217.40 Low Nov 9

EUROSTOXX 50 is consolidating and remains bullish. The climb on Nov 9 and subsequent follow through resulted in a breach of 3451.16, Jul 21 high. The index pushed higher again Nov 16. The move above 3451.16 confirms a resumption of the broader recovery since March. The next objective is 3498.07, 76.4% of the Feb - Mar sell-off. Clearance of this retracement would expose 3600.00 further out. On the downside, 3396.02 is first support.

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