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(M1) Corrective Pullback Extends

EUROSTOXX50 TECHS
  • RES 4: 4099.00 1.00 proj of of the Mar - Jul - Oct 2020 price swing
  • RES 3: 4023.00 Low Aug 16, 2007
  • RES 2: 4000.00 High Apr 16 and the bull trigger
  • RES 1: 3993.00 High Apr 29
  • PRICE: 3919.00 @ 05:45 BST May 5
  • SUP 1: 3882.00 Low May 4
  • SUP 2: 3855.00 Low Mar 31
  • SUP 3: 3832.42 50-day EMA
  • SUP 4: 3727.00 Low Mar 25

EUROSTOXX 50 futures faced strong selling pressure yesterday, extending the pullback from the recent 4000.00 high. The move lower is considered a correction and this is allowing a recent overbought trend condition to unwind. Price yesterday breached support at 3889.00, Apr 20 low signalling scope for weakness towards the 50-day EMA at 3832.42. On the upside, key resistance is unchanged at 4000.00, Apr 16 high.

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