Holds Above Key Support *RES 4:...>

EUROSTOXX50 TECHS: Holds Above Key Support

*RES 4: 3269.66 61.8% retracement of the Feb - Mar sell-off

*RES 3: 3085.06 50.0% retracement of the Feb - Mar sell-off

*RES 2: 3023.83 High Apr 30 and key resistance

*RES 1: 2898.89 High May 4

*PRICE: 2880.60 @ Close May 7

*SUP 1: 2801.07 Low May 4

*SUP 2: 2791.34 Low Apr 21 and bear trigger

*SUP 3: 2701.86 Low Apr 6

*SUP 4: 2626.10 Low Apr 2 and key support

EUROSTOXX 50 attention this week has been on support at 2791.34. On Apr 30, the

index confirmed a bearish engulfing candle pattern. This is a reversal signal.

The significance of this pattern is reinforced by the fact that the pullback on

Apr 30 follows a failed attempt to clear the key 50-day EMA. For now though, the

index appears supported again. The key resistance remains 3023.83, Apr 30 high.

A break would confirm a resumption of the past 7-week uptrend.