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Corrective Pullback

EUROSTOXX50 TECHS
  • 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: 3837.02 @ Close Mar 19
  • SUP 1: 3818.20 Low Mar 15
  • SUP 2: 3780.00 Low Mar 10
  • SUP 3: 3742.53 High Feb 15 and recent breakout level
  • SUP 4: 3656.21 Low Mar 5 and the key near-term support

EUROSTOXX 50 traded higher Thursday and bullish conditions remain intact. The pullback Friday is considered a correction. 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. Initial firm support is at 3818.20, Mar 15 low. A break would allow for a deeper corrective pullback.

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