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(H3) Bull Channel Breakout

EUROSTOXX50 TECHS
  • RES 4: 4409.50 High Nov 18 2021 and a major resistance (cont)
  • RES 3: 4381.50 High Jan 5 2022 (cont)
  • RES 2: 4328.00 High Mar 6 and the bull trigger
  • RES 1: 4166.70/4238.20 50- and 20-day EMA values
  • PRICE: 4107.00 @ 05:47 GMT Mar 14
  • SUP 1: 4071.0 Low Mar 13
  • SUP 2: 4000.00 Round number support
  • SUP 3: 3955.00 Low Jan 5
  • SUP 4: 3916.20 38.2% retracement of the Sep 29 - Mar 6 bull phase

Eurostoxx 50 futures started the week on a bearish note with price trading lower Monday. This reinforces Friday’s breach of a key support at the base of a bull channel drawn from the Oct 13 low. The break highlights a reversal of the uptrend that has been in place since late September 2022. The 50-day EMA has been breached and this opens the 4000.00 handle next. On the upside, initial firm resistance is seen at 4238.20, the 20-day EMA.

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