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Flat Correction

  • RES 4: 3798.19 0.764 proj of Mar 16 - Jul 21 from Oct 29 low.
  • RES 3: 3762.35 High Feb 24
  • RES 2: 3668.70 High Feb 25
  • RES 1: 3657.83 High Jan 8 and the bull trigger
  • PRICE: 3602.41 @ Close Jan 22
  • SUP 1: 3524.63 Low Jan 5
  • SUP 2: 3520.56 50-day EMA
  • SUP 3: 3455.94 Low Dec 22
  • SUP 4: 3401.14 Low Dec 21 and a key support

EUROSTOXX 50 is still consolidating but maintains a bullish tone. The correction from 3657.83, Jan 8 high, has thus far been a shallow one. The recent rally from 3401.14, Dec 21 low reinforced current trend conditions. Furthermore, recent gains also maintain a bullish price sequence of higher highs and higher lows. This opens 3668.70 next, Feb 25 high. Firm support is at 3524.63, Jan 5 low. A break would signal scope for a deeper reversal.

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