Free Trial

Hammer formation *RES 4:..........>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Hammer formation
*RES 4: 3587.16 1.618 projection of Aug 15 - 22 rally from Aug 26 low
*RES 3: 3578.04 High Sep 20 and bull trigger
*RES 2: 3555.43 Former trendline support drawn off Aug 15 low
*RES 1: 3526.84 High Sep 25
*PRICE: 3513.03 @ Close Sep 25
*SUP 1: 3480.28 Low Sep 25
*SUP 2: 3479.58 Low Sep 10
*SUP 3: 3448.60 38.2% retracement of Aug 15 - Sep 20 high
*SUP 4: 3424.98 Sep 4 low
EUROSTOXX50 remains softer this week but support emerged off yesterday's 3480.28
low. A bullish candle in the shape of a hammer was confirmed at yesterday's
close. This does suggest the recent pullback is a correction and more
importantly that the correction has run its course. If correct, gains will
likely follow but for strong bullish interest to emerge, a break above 3555.43
is required. This is the former trendline support that was breached yesterday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.