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(H4) Watching Support

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: 4455.00 @ 06:04 GMT Jan 16
  • SUP 1: 4448.80/4444.0 50-day EMA and a key support / Low Jan 5
  • 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 are trading just above the Jan 5 low of 4444.0. The primary trend direction is up and the recent move lower is considered corrective. MA studies are in a bull-mode position, signalling a rising trend cycle. However, a break of 4444.00 and 4450.00, the 50-day EMA, would undermine a bullish theme. This would open 4370.00, the Nov 28 low. For bulls, the trigger for a resumption of the uptrend is 4634.00, the Dec 14 high.

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