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(H2) Bullish Corrective Cycle Still In Play

EUROSTOXX50 TECHS
  • RES 4: 4250.00 High Feb 2
  • RES 3: 4119.50 High Feb 21
  • RES 2: 3997.70 50-day EMA
  • RES 1: 3830.60 20-day EMA
  • PRICE: 3629.00 @ 05:47 GMT Mar 11
  • SUP 1: 3546.00/3380.00 Low Mar 9 / Low Mar 7 and the bear trigger
  • SUP 2: 3379.00 Low Dec 21 2020 (cont)
  • SUP 3: 3318.60 2.382 proj of the Jan 5 - 24 - Feb 2 price swing
  • SUP 4: 3246.30 76.4% retracement of the Mar ‘20 - Nov ‘21 (cont)

EUROSTOXX 50 futures remain vulnerable however a bullish corrective cycle still dominates for now following this week’s recovery. The move higher is allowing an oversold condition to unwind. Resistance to watch is at 3830.60, the 20-day EMA. Clearance of this EMA would suggest scope for a stronger recovery with the 50-day EMA at 3997.70. The latter EMA is a key resistance. The broader trend direction is down, the bear trigger is 3380.00.

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