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(H3) Overbought Rally Falters

EUROSTOXX50 TECHS
  • RES 4: 4409.50 High Nov 18 2021
  • RES 3: 4335.50 High Jan 6 2022 (cont)
  • RES 2: 4324.50 High Jan 13 2022 (cont)
  • RES 1: 4315.00 High Feb 16
  • PRICE: 4275.00 @ 15:52 GMT Feb 20
  • 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

EUROSTOXX 50 futures moderated through Friday and Monday trade, finishing flat on the session. This keeps prices just below first resistance at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low, but still above 4265.00, the Feb 3 high. 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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