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(H4) Bull Cycle Extends

  • RES 4: 5000.00 Psychological round number
  • RES 3: 4988.60 Bull channel top drawn from the Oct 27 low
  • RES 2: 4939.30 2.382 projection of the Nov 8 - 24 - 28 price swing
  • RES 1: 4921.00 Intraday high
  • PRICE: 4918.00 @ 06:10 GMT Mar 1
  • SUP 1: 4798.00/4785.90 High Feb 16 / 20-day EMA
  • SUP 2: 4671.00 Low Feb 13
  • SUP 3: 4663.20 50-day EMA
  • SUP 4: 4616.10 Bull channel base drawn from the Oct 27 low

A bull cycle in Eurostoxx 50 futures remains firmly intact and the contract has again traded higher this week. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 4939.30 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 4988.60. The channel is drawn from the Oct 27 low. Initial firm support lies at 4785.90, the 20-day EMA.

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