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(H4) Bulls Remains In The Driver’s Seat

EUROSTOXX50 TECHS
  • RES 4: 4697.50 1.382 projection of the Nov 8 - 24 - 28 price swing
  • RES 3: 4662.90 1.236 projection of the Nov 8 - 24 - 28 price swing
  • RES 2: 4636.70 76.4% retracement of the 2000 - 2009 downleg (cont)
  • RES 1: 4634.00 High Dec 14
  • PRICE: 4581.00 @ 06:30 GMT Dec 18
  • SUP 1: 4553.00 Low Dec 14
  • SUP 2: 4480.80 20-day EMA
  • SUP 3: 4447.00 Low Dec 5
  • SUP 4: 4370.00 Low Nov 28

A bullish theme in Eurostoxx 50 futures remains intact and the contract traded to a fresh trend high last week. This confirms, once again, a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4636.7, a long-term Fibonacci retracement. Support to watch is at 4480.80, the 20-day EMA.

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