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(H3) Trend Condition Remains Overbought

  • RES 4: 4269.50 2.236 proj of the Sep 29 - Oct 4 rise from Dec 20 low
  • RES 3: 4230.50 High Feb 10, 2022 (cont)
  • RES 2: 4215.00 2.00 proj of the Sep 29 - Oct 4 rise from Dec 20 low
  • RES 1: 4206.00 High Jan 18 and the bull trigger
  • PRICE: 4180.00 @ 05:35 GMT Jan 26
  • SUP 1: 4097.00/75.60 Low jan 19 / 20-day EMA
  • SUP 2: 3957.00 50-day EMA
  • SUP 3: 3753.00 Low Dec 20 and the bear trigger
  • SUP 4: 3720.00 Low Nov 10

EUROSTOXX 50 futures remain above support at 4097.00, the Jan 19 low. The trend outlook is bullish, however, the cycle remains overbought and this continues to warn of the potential for a short-term corrective pullback. A move lower would allow the overbought reading to unwind and open 4075.60, the 20-day EMA and a key near-term support. Key resistance and the bull trigger is at 4206.00, the Jan 18 high. A breach would resume the uptrend.

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