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EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Focus Is On The Bearish Engulfing
*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 and key resistance
*RES 1: 2898.89 High May 4
*PRICE: 2843.76 @ Close May 6
*SUP 1: 2801.07 Low May 4
*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 focus is on support. On Apr 30, the index confirmed a bearish
engulfing candle pattern. This is a reversal signal suggesting bullish momentum
is waning. The significance of this pattern is reinforced by the fact that the
pullback on Apr 30 follows a failed attempt to clear the key 50-day EMA. The
average intersects at 2975.22. Attention is on key support at 2791.34, Apr 21
low, a break would confirm a reversal. Key resistance is 3023.83.

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