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(H2) Narrows Gap with November Highs

EUROSTOXX50 TECHS
  • RES 4: 4409.50 High Nov 23
  • RES 3: 4343.68 3.0% 10-dma envelope
  • RES 2: 4311.68 76.4% retracement of the Nov 18 - 30 sell-off
  • RES 1: 4306.00 High Dec 28
  • PRICE: 4270.50 @ 07:58 GMT Dec 30
  • SUP 1: 4108.50/4026.00 Low Dec 21 / Low Dec 20
  • SUP 2: 3980.00 Low Nov 30 and the bear trigger
  • SUP 2: 3935.00 Low Oct 6
  • SUP 4: 3857.50 1.00 proj of the Nov 18 - 30 - Dec 8 price swing

EUROSTOXX 50 futures hold the bulk of the pre-Christmas rally, and have nicely narrowed the gap with the November highs posted at 4409.50. This marks a further improvement in the short-term bullish condition, which takes further positive signs from the rally through the 50-day EMA. 4306 marks the next upside level. On the downside, the first key short-term support has been defined at 4026.00, the Dec 20 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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