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(H4) Fresh Trend High

EUROSTOXX50 TECHS
  • RES 4: 4975.20 Bull channel top drawn from the Oct 27 low
  • RES 3: 4939.30 2.382 projection of the Nov 8 - 24 - 28 price swing
  • RES 2: 4904.40 2.236 projection of the Nov 8 - 24 - 28 price swing
  • RES 1: 4894.00 High Feb 23
  • PRICE: 4891.00 @ 06:05 GMT Feb 28
  • SUP 1: 4798.00/4762.00 High Feb 16 / 20-day EMA
  • SUP 2: 4671.00 Low Feb 13
  • SUP 3: 4633.70 50-day EMA
  • SUP 4: 4596.00 Bull channel base drawn from the Oct 27 low

The bull cycle in Eurostoxx 50 futures remains firmly intact and the contract traded higher yesterday. Moving average studies remain in a bull-mode position too, highlighting positive market sentiment. Sights are on 4904.40 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 4975.20. The channel is drawn from the Oct 27 low. Initial firm support lies at 4762.00, the 20-day EMA.

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