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(H4) Corrective Pullback

EUROSTOXX50 TECHS
  • RES 4: 4844.00 2.00 projection of the Nov 8 - 24 - 28 price swing
  • RES 3: 4800.00 Round number resistance
  • RES 2: 4788.10 1.764 projection of the Nov 8 - 24 - 28 price swing
  • RES 1: 4766.00 High Feb 12
  • PRICE: 4694.00 @ 06:03 GMT Feb 14
  • SUP 1: 4647.70 20-day EMA
  • SUP 2: 4557.90 50-day EMA
  • SUP 3: 4402.00 Low Jan 17 and key short-term support
  • SUP 4: 4370.00 Low Nov 28

Eurostoxx 50 futures remain in an uptrend and the move lower Tuesday is considered corrective. The contract traded higher Monday delivering another fresh cycle high, confirming an extension of the current uptrend. The move higher reinforces bullish conditions and the importance of the recent break of resistance at 4634.00, the Dec 14 high. This signals scope for 4788.10, a Fibonacci projection. Initial firm support lies at 4647.70, the 20-day EMA.

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