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Focus Is The Bearish Engulfing....>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Focus Is 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: 2875.91 @ Close May 5
*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
On Apr 30, EUROSTOXX 50 confirmed 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
pullback follows a failed attempt to confirm a clear break of the key 50-day
EMA. The average intersects at 2980.53. 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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