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(H4) Heading North

EUROSTOXX50 TECHS
  • RES 4: 5002.0 Bull channel top drawn from the Oct 27 low
  • RES 3: 5000.00 Psychological round number
  • RES 2: 4939.30 2.382 projection of the Nov 8 - 24 - 28 price swing
  • RES 1: 4930.00High Mar 4
  • PRICE: 4905.00 @ 05:55 GMT Mar 5
  • SUP 1: 4808.40 20-day EMA
  • SUP 2: 4734.00 Low Feb 15
  • SUP 3: 4690.90 50-day EMA
  • SUP 4: 4629.50 Bull channel base drawn from the Oct 27 low

Eurostoxx 50 futures traded higher Monday, delivering another fresh cycle high,, confirming a resumption of the current uptrend. MA studies remain in a bull-mode position and this set-up highlights 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 5002.00. The channel is drawn from the Oct 27 low. Initial firm support lies at 4808.40, the 20-day EMA.

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