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(H3) Bull Channel Highlights Uptrend

EUROSTOXX50 TECHS
  • RES 4: 4446.00 3.00 proj of the Sep 29 - Oct 4 rally from Dec 20 low
  • RES 3: 4409.50 High Nov 18 2021 and a major resistance
  • RES 2: 4381.50 High Jan 5 2022 (cont)
  • RES 1: 4328.00 High Mar 6
  • PRICE: 4318.00 @ 05:38 GMT Mar 7
  • SUP 1: 4221.20 Bull channel base drawn from the Oct 13 low
  • SUP 2: 4175.00/4151.90 Low Feb 24 / 50-day EMA
  • SUP 3: 3955.00 Low Jan 5
  • SUP 4: 3753.00 Low Dec 20 and a key support

Eurostoxx 50 futures have recovered from recent lows and importantly, this has left a key support intact - the base of a bull channel drawn from the Oct 13 low. The line intersects 4221.20. While channel support holds, the broader uptrend remains intact. Monday’s gains resulted in a test of 4323.00, the Feb 16 high and bull trigger. A clear break would resume the uptrend. On the downside, a breach of the channel base alters the picture.

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