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Corrective Bounce *RES 4:.........>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Corrective Bounce
*RES 4: 3813.80 High Jan 17 and bull trigger
*RES 3: 3802,68 High Jan 22
*RES 2: 3795.33 High Jan 24
*RES 1: 3767.63 Former trendline resistance drawn off the Aug 15 low
*PRICE: 3719.22 @ Close Jan 28
*SUP 1: 3673.80 Low Jan 27
*SUP 2: 3659.53 Low Dec 11
*SUP 3: 3646.48 76.4% retracement of the Dec 3 - Jan 17 rally
*SUP 4: 3625.00 Low Dec 10
EUROSTOXX50 was firmer yesterday. The move off Tuesday's low reflects an easing
of the risk averse mood that has dominated market sentiment recently. From a
technical standpoint however, the recovery is viewed as a correction. This week
has seen price action confirm a break of key trendline support drawn off the Aug
15 low. This highlights a bearish backdrop with further S/T weakness likely.
Resistance is seen at 3767.63, the former trendline support.

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