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Facing Strong Selling Pressure

EUROSTOXX50 TECHS
  • RES 4: 3396.02 High Sep 3 and the bull trigger
  • RES 3: 3348.77 High Sep 16
  • RES 2: 3277.42 Intraday high
  • RES 1: 3234.81 Low Sep 4 and a former breakout level
  • PRICE: 3185.59 @ 14:15 BST Sep 21
  • SUP 1: 3173.98 Low Aug 3 and key support
  • SUP 2: 3149.67 Low Jun 25
  • SUP 3: 3054.11 Low Jun 15
  • SUP 4: 3012.50 38.2% retracement of the Mar - Jul rally

EUROSTOXX 50 is facing strong selling pressure in line with the general sell-off in the equity space. The move lower today has seen support at 3221.42, Aug 21 low give way. This signals the end of the recent broad consolidation that has dominated and exposes primary support at 3173.98, Aug 3 low. A breach of this level would pave the way for a deeper decline towards 3100.00 and below. Initial resistance is seen at 3234.81, Sep 4 low.

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