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Bullish Tone Intact

  • RES 4: 3668.70 High Feb 25
  • RES 3: 3630.53 0.618 proj of Mar 16 - Jul 21 rally from Oct 29 low
  • RES 2: 3553.05 High Feb 27
  • RES 1: 3524.08 High Nov 26
  • PRICE: 3510.94 @ Close Nov 26
  • SUP 1: 3440.22 Low Nov 19
  • SUP 2: 3396.02 High Sep 3
  • SUP 3: 3290.91 Former channel top drawn off the Jul 21 high
  • SUP 4: 3305.77 High Oct 12

EUROSTOXX 50 maintains a bullish theme and continues to trade higher. The climb on Nov 9 and subsequent follow through resulted in a breach of key resistance at 3451.16, Jul 21 high. This confirmed a resumption of the broader recovery since the March lows. Also, 3498.07, 76.4% of the Feb - Mar sell-off has been breached. The clearance of this retracement exposes the 3600.00 handle. On the downside, 3396.02 remains firm support.

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