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(H4) Heading North

EUROSTOXX50 TECHS
  • RES 4: 5015.50 Bull channel top drawn from the Oct 27 low
  • RES 3: 5000.00 Psychological round number
  • RES 2: 4995.70 2.618 projection of the Nov 8 - 24 - 28 price swing
  • RES 1: 4978.00 Intraday high
  • PRICE: 4975.00 @ 15:19 GMT Mar 7
  • SUP 1: 4826.80 20-day EMA
  • SUP 2: 4734.00 Low Feb 15
  • SUP 3: 4699.70 50-day EMA
  • SUP 4: 4642.90 Bull channel base drawn from the Oct 27 low

A bullish theme in Eurostoxx 50 futures remains intact and today’s firm rally and fresh cycle high reinforces this theme. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 4995.70 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 5015.40. The channel is drawn from the Oct 27 low. Initial firm support lies at 4828.80, the 20-day EMA.

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