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(H4) Holding On To Its Latest Gains

EUROSTOXX50 TECHS
  • RES 4: 4753.50 1.618 projection of the Nov 8 - 24 - 28 price swing
  • RES 3: 4725.50 1.50 projection of the Nov 8 - 24 - 28 price swing
  • RES 2: 4700.00 Round number resistance
  • RES 1: 4682.00 Intraday high
  • PRICE: 4678.00 @ 05:50 GMT Jan 30
  • SUP 1: 4599.00/4549.10 High Jan 2 / 20-day EMA
  • SUP 2: 4402.00 Low Jan 17 and key short-term support
  • SUP 3: 4370.00 Low Nov 28
  • SUP 4: 4334.00 50.0% retracement of the Oct 27 - Dec 14 bull leg

Eurostoxx 50 futures traded sharply higher last week and the contract started this week’s session on a bullish note, with price holding on to its recent gains. Key resistance at 4634.00, the Dec 14 high, has been cleared. The break confirms a resumption of the medium-term uptrend and sights are on the 4700.00 handle next. Initial firm support lies at 4522.80, the 20-day EMA. Key trend support has been defined at 4402.00, the Jan 17 low.

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