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(H2) Fresh Cycle Lows

EUROSTOXX50 TECHS
  • RES 4: 4381.50 High Jan 5 and the bull trigger
  • RES 3: 4324.50 High Jan 13
  • RES 2: 4153.30/4250.00 50-day EMA / High Feb 2
  • RES 1: 4049.50 High Feb 23
  • PRICE: 3811.00 @ 05:34 GMT Feb 24
  • SUP 1: 3800.00 Round number support
  • SUP 2: 3727.00 Low Mar 25 2021 (cont)
  • SUP 3: 3709.60 1.382 proj of the Jan 5 - 24 - Feb 2 price swing
  • SUP 4: 3663.50 1.50 proj of the Jan 5 - 24 - Feb 2 price swing

EUROSTOXX 50 futures are down sharply today as a risk averse mood weighs on price. The break lower confirms a resumption of the bear cycle that started on Nov 18 last year. Futures have this week cleared a number of key support levels and from a technical viewpoint, this suggests scope for a deeper sell-off. Attention is on the 3800.00 handle and 3727.00, the Mar 25 2021 low. On the upside, firm resistance is seen at 4049.50, yesterday’s high.

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