November 18, 2024 06:33 GMT
EUROSTOXX50 TECHS: (Z4) Short-Term Gains Considered Corrective
EUROSTOXX50 TECHS
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEquitiesCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
- RES 4: 5015.00 High Oct 21
- RES 3: 5106.00 High Sep 30 and a bull trigger
- RES 2: 4961.00 High Nov 6 and a key short-term resistance
- RES 1: 4863.42 20-day EMA
- PRICE: 4812.00 @ 06:16 GMT Nov 18
- SUP 1: 4706.00 Low Nov 13
- SUP 2: 4707.00 Low Aug 9
- SUP 3: 4662.12 .76.4% retracement of the Aug 5 - Sep 30 bull cycle
- SUP 4: 4586.00 Low Aug 6
Despite recent gains, a bearish condition in Eurostoxx 50 futures remains intact. The move lower last week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, Nov 6 high, where a break would highlight a reversal.
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