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EUROSTOXX50 TECHS: (Z4) Pullback Appears To Be A Correction

EUROSTOXX50 TECHS
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEquitiesCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • RES 4: 5256.00 1.00 proj of the Aug 5 - Sep 3 -  6 price swing
  • RES 3: 5200.00 Round number resistance       
  • RES 2: 5138.24 0.764 proj of the Aug 5 - Sep 3 -  6 price swing
  • RES 1: 5106.00 High Sep 30     
  • PRICE: 4997.00 @ 06:16 BST Oct 2 
  • SUP 1: 4919.85 50-day EMA 
  • SUP 2: 4848.00/4757.00 Low Sep 13 / Low Sep 6 and 10 
  • SUP 3: 4813.00 Low Sep 12  
  • SUP 4: 4757.00 Low Sep 6 / 10 and key support   

Eurostoxx 50 futures traded sharply higher last week resulting in a clear break of  5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. It also suggests that the latest outback is likely a correction. Scope is seen for a continuation of the trend with sights on 5138.24, a Fibonacci projection, and the 5200 handle further out. Key short-term support to watch is 4919.85, the 50-day EMA.

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  • RES 4: 5256.00 1.00 proj of the Aug 5 - Sep 3 -  6 price swing
  • RES 3: 5200.00 Round number resistance       
  • RES 2: 5138.24 0.764 proj of the Aug 5 - Sep 3 -  6 price swing
  • RES 1: 5106.00 High Sep 30     
  • PRICE: 4997.00 @ 06:16 BST Oct 2 
  • SUP 1: 4919.85 50-day EMA 
  • SUP 2: 4848.00/4757.00 Low Sep 13 / Low Sep 6 and 10 
  • SUP 3: 4813.00 Low Sep 12  
  • SUP 4: 4757.00 Low Sep 6 / 10 and key support   

Eurostoxx 50 futures traded sharply higher last week resulting in a clear break of  5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. It also suggests that the latest outback is likely a correction. Scope is seen for a continuation of the trend with sights on 5138.24, a Fibonacci projection, and the 5200 handle further out. Key short-term support to watch is 4919.85, the 50-day EMA.