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(H4) Holding On To Its Recent Gains

EUROSTOXX50 TECHS
  • RES 4: 4950.50 3.0% Upper Bollinger Band
  • 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: 4863.00 @ 06:04 GMT Feb 27
  • SUP 1: 4798.00/4747.70 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 is holding on to its recent gains. Moving average studies are 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 4968.50. The channel is drawn from the Oct 27 low. Initial firm support lies at 4747.70, the 20-day EMA.

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