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Bullish Trend Structure Still Intact

EUROSTOXX50 TECHS
  • 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: 3540.69 High Dec 4
  • PRICE: 3539.27 @ Close Dec 4
  • SUP 1: 3492.54 Low Nov 30
  • SUP 2: 3451.23 20-day EMA
  • SUP 3: 3416.18 Low Nov 13
  • SUP 4: 3396.02 High Sep 3 and key near-term support

EUROSTOXX 50 remains bullish and traded to a fresh trend high Friday. The extension reinforces bullish conditions and maintains the positive price sequence of higher highs and higher lows. This follows the rally on Nov 9 that resulted in a breach of key resistance at 3451.16, Jul 21 high. The move confirmed a resumption of the broader recovery since the March lows. 3553.05, Feb 27 high is the next objective. 3396.02 is firm support.

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