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EUROSTOXX50 TECHS: (U4) Bullish Outlook 

EUROSTOXX50 TECHS
  • RES 4: 5087.00 High Jul 12   
  • RES 3: 4997.00 High Jul 17     
  • RES 2: 4951.00 High Jul 31 and a key near-term resistance 
  • RES 1: 4947.00 High Aug 28   
  • PRICE: 492.00 @ 06:15 BST Aug 29
  • SUP 1: 4854.57 20-day EMA 
  • SUP 2: 4742.00 Low Aug 15  
  • SUP 3: 4665.00/4494.00 Low Aug 9 / 5 and the bear trigger
  • SUP 4: 4478.81 2.236 proj of the Jun 6 - 14 - Jul 12 price swing

Eurostoxx 50 futures are holding on to their latest gains. The contract has recently pierced the 50-day EMA, at 4877.69. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. Sights are on 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. Initial support lies at 4854.57, the 20-day EMA.

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