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(H4) Impulsive Rally

EUROSTOXX50 TECHS
  • RES 4: 4700.00 Round number resistance
  • RES 3: 4662.90 1.236 projection of the Nov 8 - 24 - 28 price swing
  • RES 2: 4636.70 76.4% retracement of the 2000 - 2009 downleg (cont)
  • RES 1: 4600.00 High Jan 24
  • PRICE: 4580 00 @ 06:16 GMT Jan 25
  • SUP 1: 4498.90 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 have recovered from last week’s low of 4402.00 on Jan 17 and the contract traded sharply higher Wednesday. 4402.00 represents a key short-term support. A break of it would resume recent bearish pressure and open 4370.00, the Nov 28 low. On the upside, key resistance is at 4634.00, the Dec 14 high. Clearance of this level would confirm a resumption of the medium-term uptrend. Initial support lies at 4498.90, the 20-day EMA.

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