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(H4) Watching Resistance

EUROSTOXX50 TECHS
  • RES 4: 4662.90 1.236 projection of the Nov 8 - 24 - 28 price swing
  • RES 3: 4636.70 76.4% retracement of the 2000 - 2009 downleg (cont)
  • RES 2: 4599.00/4634.00 High Jan 2 / High Dec 14 and the bull trigger
  • RES 1: 4536.00 High Jan 11
  • PRICE: 4507 00 @ 06:10 GMT Jan 23
  • SUP 1: 4402.00 Low Jan 17 and key short-term support
  • 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

Eurostoxx 50 futures have recovered from last week’s low of 4402.00 (the Jan 17 low). This level 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, initial resistance to watch is 4536.00, the Jan 11 high. Clearance of this level would highlight a potential reversal and a resumption of the primary uptrend.

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