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(H3) Trend Needle Points North

EUROSTOXX50 TECHS
  • 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: 4269.50 2.236 proj of the Sep 29 - Oct 4 rise from Dec 20 low
  • PRICE: 4234.00 @ 05:57 GMT Feb 9
  • SUP 1: 4158.40/4097.00 20-day EMA / Low Jan 19 and a key support
  • SUP 2: 4053.00 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 trend needle is pointing north. Resistance at 4206.00, the Jan 18 high, has been breached. The break confirms a resumption of the current uptrend and paves the way for gains towards 4269.50, a Fibonacci projection. Note that the trend remains overbought. A pullback, if seen, would represent a healthy correction. Key support to watch lies at 4097.00, the Jan 19 low.

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