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EUROSTOXX50 TECHS: (M3) Holding On To The Bulk Of Its Recent Gains

EUROSTOXX50 TECHS
  • RES 4: 4268.00 High Mar 6 and key resistance
  • RES 3: 4240.00 High Mar 9
  • RES 2: 4184.50 76.4% retracement of the Mar 6 - 20 bear leg
  • RES 1: 4164.00 High Mar 22
  • PRICE: 4123.00 @ 05:45 GMT Mar 23
  • SUP 1: 4069.00/3914.00 Low Mar 21 / Low Mar 20 and bear trigger
  • SUP 2: 3865.00 Low Jan 4
  • SUP 3: 3800.00 Round number support
  • SUP 4: 3750.00 Low Dec 30

The recent strong recovery in Eurostoxx 50 futures from Monday’s low of 4057.00 has resulted in a breach of both the 20- and 50-day EMAs. A continuation higher would signal scope for 4184.50, a Fibonacci retracement. Key resistance and the bull trigger is at 4268.00, the Mar 6 high. On the downside, a reversal lower and a breach of 3914.00 would resume the recent downtrend. Initial support lies at 4069.00, the Mar 21 low.

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