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(H3) Corrective Bounce Still In Play

EUROSTOXX50 TECHS
  • RES 4: 4132.60 76.4/% of the Nov ‘21 - Oct ‘22 bear leg (cont)
  • RES 3: 4049.50 High Feb 23 (cont)
  • RES 2: 4043.00 High Dec 13 and the bull trigger
  • RES 1: 3880.00/3908.00 20-day EMA / Low Dec 9
  • PRICE: 3842.00 @ 05:43 GMT Dec 23
  • SUP 1: 3753.00 Low Dec 20 and the bear trigger
  • SUP 2: 3646.50 50% retracement of the Sep - Dec bull cycle
  • SUP 3: 3580.00 Low Nov 3
  • SUP 4: 3552.90 61.8% retracement of the Sep - Dec bull cycle

EUROSTOXX 50 futures remain above their recent lows. Price tested resistance at 3880.00 on Thursday, the 20-day EMA and a key short-term resistance. A clear breach of this hurdle would suggest potential for a stronger recovery. Gains are considered corrective - for now. A reversal lower and a break of 3753.00, the Dec 20 low, would confirm a resumption of the recent downtrend. The bull trigger is at 4043.00, Dec 13 high.

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