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(H3) Fresh Cycle High

  • RES 4: 4335.50 High Jan 6 2022 (cont)
  • RES 3: 4324.50 High Jan 13 2022 (cont)
  • RES 2: 4303.20 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low
  • RES 1: 4281.00 High Feb 9
  • PRICE: 4223.00 @ 05:41 GMT Feb 10
  • SUP 1: 4167.50/4097.00 20-day EMA / Low Jan 19 and a key support
  • SUP 2: 4062.40 Bull channel base drawn from the Oct 13 low
  • SUP 3: 3890.00 Low Jan 4
  • SUP 4: 3753.00 Low Dec 20 and the bear trigger

The EUROSTOXX 50 futures traded higher Thursday and breached 4265.00, Feb 3 high. Despite the pullback from yesterday’s peak, the fresh cycle high confirms a resumption of the uptrend and opens 4303.20, the 2.382 projection of the Sep 29 - Oct 4 rise from the Dec 20 low. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4167.50, the 20-day EMA.

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