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(H2) Resumes Its Downtrend

EUROSTOXX50 TECHS
  • RES 4: 4324.50 High Jan 13
  • RES 3: 4250.00 High Feb 2
  • RES 2: 4086.00 50-day EMA
  • RES 1: 3.847.00/4003.30 High Mar 2 / 20-day EMA
  • PRICE: 3640.00 @ 05:47 GMT Mar 4
  • SUP 1: 3620.00 Intraday low
  • SUP 2: 3560.30 1.764 proj of the Jan 5 - 24 - Feb 2 price swing
  • SUP 3: 3500.00 Round number support
  • SUP 4: 3468.606 61.8% retracement of the Mar ‘20 - Nov ‘21 (cont)

EUROSTOXX 50 futures have traded lower again today to confirm a resumption of this year’s downtrend. The contract has retraced just over 50.0% of the entire bull cycle between Mar ‘20 - Nov ‘21. Moving average studies remain in a bear mode condition and the bearish price sequence of lower lows and lower highs suggests more weakness lies ahead. The focus is on 3560.30, a Fibonacci projection. Resistance is at 3847.00.

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