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Focus Is On Key Support *RES 4:...>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Focus Is On Key Support
*RES 4: 3269.66 61.8% retracement of the Feb - Mar sell-off
*RES 3: 3085.06 50.0% retracement of the Feb - Mar sell-off
*RES 2: 3023.83 High Apr 30
*RES 1: 2898.89 High May 4
*PRICE: 2816.48 @ Close May 4
*SUP 1: 2827.60 20-day EMA
*SUP 2: 2791.34 Low Apr 21 and bear trigger
*SUP 3: 2701.86 Low Apr 6
*SUP 4: 2626.10 Low Apr 2 and key support
EUROSTOXX 50 price action on Apr 30 is a Japanese candle bearish engulfing
pattern. This is a reversal signal suggesting bullish sentiment and momentum is
waning. The significance of this pattern is reinforced by the fact that last
Thursday's move lower follows a failed attempt to confirm a clear break of the
key 50-day EMA. The average intersects at 2984.80. Attention is on key support
at 2791.34, Apr 21 low, a break would confirm a reversal. Resistance is 3023.83.

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