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Holds Above 200-dma

EUROSTOXX50 TECHS
  • RES 4: 3498.07 76.4% retracement of the Feb - Mar sell-off
  • RES 3: 3451.16 High Jul 21 and the bull trigger
  • RES 2: 3404.56 4.0% 10-dma envelope
  • RES 1: 3377.44 High Aug 12
  • PRICE: 3342.85 @ Close Aug 13
  • SUP 1: 3174.38 Low Jul 30
  • SUP 2: 3149.67 Low Jun 25
  • SUP 3: 3054.11 Low Jun 15
  • SUP 4: 3012.50 38.2% retracement of the Mar - Jul rally

EUROSTOXX 50 extended the sharp rebound into the Wednesday close to secure a close back above the 200-dma. This unlocks the next leg higher for the index to initially target 3451.16, the cycle recovery high and bull trigger. The sell-off from 3451.16, Jul 21 high has now concluded, further adding to the bullish case.

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