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EUROSTOXX50 TECHS: (U4) Trades Through Bear Trigger

EUROSTOXX50 TECHS
  • RES 4: 5200.00 Round number resistance  
  • RES 3: 5151.00 High May 16 and the bull trigger      
  • RES 2: 5132.00 High Jun 6
  • RES 1: 4994.76/5087.00 50-day EMA / High Jul 12   
  • PRICE: 4843.00 @ 07:44 BST Jul 25
  • SUP 1: 4822.00 Low Jun 14 and the bear trigger
  • SUP 2: 4800.00 Round number support
  • SUP 3: 4762.00 Low Apr 19 (Cont)
  • SUP 4: 4733.17 200-dma

Eurostoxx 50 futures have started Thursday trade poorly, with the contract breaking through several supports in early earnings-driven weakness. 4,848/46 have now both broken, giving way to a new pullback low at 4822.00. These levels mark key reversal points, opening round number support of 4800.00 initially, ahead of 4762.00 and the 200-dma. For bulls, a move higher and a break of 5087.00, the Jul 12 high, would argue for a return to the bullish theme. 

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