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(H4) Bullish Conditions Remain Intact

EUROSTOXX50 TECHS
  • RES 4: 4753.50 1.618 projection of the Nov 8 - 24 - 28 price swing
  • RES 3: 4725.50 1.50 projection of the Nov 8 - 24 - 28 price swing
  • RES 2: 4700.00 Round number resistance
  • RES 1: 4694.00 Jan 31 high
  • PRICE: 4660.00 @ 06:07 GMT Feb 1
  • SUP 1: 4599.00/4558.90 High Jan 2 / 20-day EMA
  • SUP 2: 4402.00 Low Jan 17 and key short-term support
  • SUP 3: 4370.00 Low Nov 28
  • SUP 4: 4334.00 50.0% retracement of the Oct 27 - Dec 14 bull leg

Eurostoxx 50 futures remain firm and the contract is holding on to its recent gains. Key resistance at the Dec 14 high has recently been cleared. The break confirms a resumption of the medium-term uptrend and sights are on the 4700.00 handle next. Initial firm support lies at 4558.90, the 20-day EMA. Key trend support has been defined at 4402.00, the Jan 17 low. A short-term pullback would be considered corrective.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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