Key Supports Cleared *RES 4:......>

EUROSTOXX50 TECHS: Key Supports Cleared

*RES 4: 2941.92 50-day EMA

*RES 3: 2927.26 High May 11 and key resistance

*RES 2: 2872.01 High May 13

*RES 1: 2801.85 High May 15

*PRICE: 2770.70 @ Close May 15

*SUP 1: 2708.07 Low May 14

*SUP 2: 2701.86 Low Apr 6

*SUP 3: 2663.33 50.0% retracement of the rally between Mar 16 - Apr 30

*SUP 4: 2626.10 Low Apr 2 and key support

EUROSTOXX 50 last week traded through key support at 2791.34. The break lower

reinforces recent bearish patterns, namely the bearish engulfing candle on Mar

30 and the failure late last month to clear the 50-day EMA. A reversal has as a

result been confirmed signalling scope for a deeper near-term pullback. The

focus is on 2701.86, Apr 6 low and 2663.33, a Fibonacci retracement. On the

upside, initial resistance is seen at 2801.85, May 15 high.