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Downside Risk Remains *RES 4:.....>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Downside Risk Remains
*RES 4: 3214.20 High Mar 9
*RES 3: 3088.57 High Mar 10
*RES 2: 2883.25 High Mar 12
*RES 1: 2557.71 High Mar 16
*PRICE: 2385.82 @ Close Mar 18
*SUP 1: 2302.84 Low Mar 16
*SUP 2: 2261.51 76.4% retracement of the 2009 - 2020 climb
*SUP 3: 2142.46 Low Jul 2012
*SUP 4: 2050.16 Low Jun 2012
EUROSTOXX 50 remains bearish. The index has retraced the entire bullish phase
that prevailed between Sep 2012 and the Feb high this year. Furthermore, it has
breached its key long-term trendline support at 2515.25. The trendline is drawn
off the 2009 low. This represents a major break and reinforces the current
bearish cycle. Attention is on 2261.51, 76.4% of the 2009 - 2020 climb. Monday's
high of 2557.71 is the initial resistance.

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