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Inside Session

EUROSTOXX50 TECHS
  • RES 4: 3867.28 High Feb 20, 2020
  • RES 3: 3858.79 1.50 proj of Dec 21 - Jan 8 rally from Jan 28 low
  • RES 2: 3798.19 0.764 proj of Mar - Jul - Oct 2020 swing
  • RES 1: 3742.53 High Feb 15
  • PRICE: 3705.99 @ Close Feb 24
  • SUP 1: 3659.35 20-day EMA
  • SUP 2: 3643.33 Low Feb 23
  • SUP 3: 3628.47 Low Feb 10
  • SUP 4: 3594.18 50-day EMA

Despite early weakness, the EUROSTOXX 50 staged a decent bounce into the Tuesday close, and markets maintained these levels throughout Wednesday trade. This keeps the contract bullish despite the corrective pullback in the middle of last week. The focus is on 3798.19 further out, a Fibonacci projection. Moving average studies remain in a bull mode reinforcing underlying conditions. On the downside, the index needs to close below the 20-day EMA to reinstate a bearish theme. The bull trigger is the Feb 15 high of 3742.53.

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