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(H4) Support Remains Intact For Now

EUROSTOXX50 TECHS
  • RES 4: 4697.50 1.382 projection of the Nov 8 - 24 - 28 price swing
  • 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: 4599.00/4634.00 High Jab 2 / High Dec 14 and the bull trigger
  • PRICE: 4521.00 @ 05:40 GMT Jan 9
  • SUP 1: 4441.90 50-day EMA and a key support area
  • SUP 2: 4370.00 Low Nov 28
  • SUP 3: 4334.00 50.0% retracement of the Oct 27 - Dec 14 bull leg
  • SUP 4: 4220.00 Low Nov 10

The primary trend direction in Eurostoxx 50 futures remains up and the recent move lower appears to be a correction. MA studies are in a bull-mode position, signalling a rising trend cycle. Key short-term support to watch lies at 4441.90, the 50-day EMA. A break of this level would signal scope for a deeper retracement and open 4370.00, the Nov 28 low. For bulls, a reversal higher would refocus attention on 4634.00, the Dec 14 high and bull trigger.

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