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EUROSTOXX50 TECHS: Candle patterns signal a base
*RES 4: 3424.68 Low Jun 27
*RES 3: 3414.14 50-day EMA
*RES 2: 3380.81 High Aug 13 and key resistance
*RES 1: 3333.44 High Aug 16
*PRICE: 3329.08 @ Close Aug 16
*SUP 1: 3286.54 Low Aug 16
*SUP 2: 3239.20 Low Aug 15
*SUP 3: 3175.71 Low Feb 15
*SUP 4: 3162.68 61.8% retracement of Dec 2018-July 2019 rally
EUROSTOXX50 sold off sharply last Thursday clearing 3248.54, the Jun 3 low,
confirming a resumption of the downtrend. The low on Thursday though provided
decent support and price action has since rebounded, confirming two important
candle patterns. A hammer on Thursday and bullish engulfing on Friday points to
a potential base. The focus shifts to key resistance at 3380.81. Support and
bear trigger is at 3239.20, a break would instead resume the downtrend.