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EGB Supply For W/C May 23, 2022 (2/2): Recap


Bullish Extension


EGB Supply For W/C May 23, 2022 (1/2): Recap


W/C May 23, 2022



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Corrective Cycle

  • RES 4: 3926.56 1.764 proj of Dec 21 - Jan 8 rally from Jan 28 low
  • RES 3: 3900.30 High May 2008
  • RES 2: 3889.08 1.618 proj of Dec 21 - Jan 8 rally from Jan 28 low
  • RES 1: 3874.91 High Mar 18 and the bull trigger
  • PRICE: 3827.02 @ Close Mar 23
  • SUP 1: 3804.90 Low Mar 23
  • SUP 2: 3786.86 20-day EMA
  • SUP 3: 3742.53 High Feb 15 and recent breakout level
  • SUP 4: 3702.71 50-day EMA

EUROSTOXX 50 is trading below recent highs. Short-term retracements are considered corrective with bullish conditions still intact. The breach on Mar 8 of 3742.53, Feb 15 high confirmed a resumption of the uptrend. This also maintains the bullish price sequence of higher highs and higher lows. The focus is on 3889.08 next, a Fibonacci projection. The next firm support area is seen at the 20-day EMA. It intersects at 3786.86.

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