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(H2) Bearish Threat Remains Present

EUROSTOXX50 TECHS
  • RES 4: 4381.50 High Jan 5 and the bull trigger
  • RES 3: 4324.50 High Jan 13
  • RES 2: 4161.00/4250.00 50-day EMA / High Feb 2
  • RES 1: 4011.50 High Feb 22
  • PRICE: 3999.00 @ 05:51 GMT Feb 23
  • SUP 1: 3874.00 Low Feb 22
  • SUP 2: 3844.00 Low May 13 2021 (cont)
  • SUP 3: 3727.00 Low Mar 25 2021 (cont)
  • SUP 4: 3709.60 1.382 proj of the Jan 5 - 24 - Feb 2 price swing

EUROSTOXX 50 futures traded to a fresh 2022 low Tuesday, breaching former support at 3990.50, the Jan 24 low. The break lower confirms a resumption of the broader bear cycle that started on Nov 18 last year. Futures have also traded below 3935.00, the Oct 6 2021 low and this opens 3895.00 next, the Jul 19 2021 low on the continuation chart. On the upside, the 50-day EMA at 4161.00 represents a key resistance.

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