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Eyeing The Bull Trigger

EUROSTOXX50 TECHS
  • RES 4: 3668.70 High Feb 25
  • RES 3: 3630.53 0.618 proj of Mar 16 - Jul 21 rally from Oct 29 low
  • RES 2: 3600.00 Round number resistance
  • RES 1: 3586.44 High Dec 18 and bull trigger
  • PRICE: 3575.41 @ Close Dec 28
  • SUP 1: 3511.00 20-day EMA
  • SUP 2: 3401.14 Low Dec 21
  • SUP 3: 3396.02 High Sep 3 and a key support
  • SUP 4: 3332.19 38.2% retracement of the Oct 29 - Dec 18 rally

EUROSTOXX 50 traded higher yesterday, extending the recovery from 3401.14 low, Dec 21 low. Attention is on the 3586.44 resistance, Dec 18 high and the bull trigger. A break would confirm the end of the recent corrective pullback and also highlight a resumption of the bull trend. This would open 3600.00 and 3630.53, a Fibonacci projection. On the downside, key support has been defined at 3401.14.

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