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(M1) Bullish Trend Structure Intact

EUROSTOXX50 TECHS
  • RES 4: 4175.00 Low Nov 26, 2007 (cont)
  • RES 3: 4168.83 Bull channel top drawn off the Feb 1 low
  • RES 2: 4140.00 High Jan 18, 2008 (cont)
  • RES 1: 4100.00 High Jun 1
  • PRICE: 4090.00 @ 05:44 BST Jun 3
  • SUP 1: 4013.36 20-day EMA
  • SUP 2: 3935.01/3882.00 50-day EMA / Low May 19
  • SUP 3: 3844.00 Low May 13 and the bear trigger
  • SUP 4: 3727.00 Low Mar 25

EUROSTOXX 50 futures remain bullish and the contract is holding onto gains. A positive outlook follows last week's breach of resistance at 4036.00, May 10 high. The break confirmed a resumption of the uptrend, maintaining the price sequence of higher highs and higher lows. This reinforces current trend conditions. On the downside, firm trend support is unchanged at 3882.00, May 19 low. The focus is on 4140.00, Jan 18 high, 2008 (cont).

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