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(H4) Another Leg Higher

EUROSTOXX50 TECHS
  • RES 4: 4939.30 2.382 projection of the Nov 8 - 24 - 28 price swing
  • RES 3: 4919.80 3.0% Upper Bollinger Band
  • RES 2: 4904.40 2.236 projection of the Nov 8 - 24 - 28 price swing
  • RES 1: 4884.00 High Feb 22
  • PRICE: 4866.00 @ 08:19 GMT Feb 23
  • SUP 1: 4701.60 20-day EMA
  • SUP 2: 4602.20 50-day EMA
  • SUP 3: 4402.00 Low Jan 17 and key short-term support
  • SUP 4: 4370.00 Low Nov 28

The bull cycle in Eurostoxx 50 futures extended sharply early Thursday, with psychological resistance at 4800 cleared in style, and first modest resistance at 4548.00 cracking in the process. The intraday high of 4864.00 looks extended having pierced the 2.0% Upper Bollinger Band, however the outlook is resolutely bullish the longer these levels hold. The upleg reinforces current conditions. Moving average studies are in a bull-mode position, highlighting positive market sentiment.

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

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