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Outlook Remains Bearish


(U2) Technical Outlook Still Positive


Pullback Considered Corrective

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Focus Is On Resistance

  • RES 4: 3498.07 76.4% retracement of the Feb - Mar sell-off
  • RES 3: 3451.16 High Jul 21 and the bull trigger
  • RES 2: 3402.19 High Jul 22
  • RES 1: 3377.44 High Aug 12
  • PRICE: 3315.54 @ Close Aug 28
  • SUP 1: 3273.53 50-day EMA
  • SUP 2: 3221.42 Low Aug 21 and key near-term support
  • SUP 3: 3220.05 Low Aug 7
  • SUP 4: 3173.98 Low Aug 3 and key support

EUROSTOXX 50 traded lower Friday but despite this, the outlook remains bullish. Last week's gains signal a likely resumption of the broader uptrend. Attention is on resistance at 3377.44, Aug 12 high. A breach of this level would open 3451.16, Jul 21 high and the bull trigger where a break would confirm a resumption of the underlying uptrend. Key short-term support has been defined at 3221.42, Aug 21 low. Bullish!

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