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(M1) Needle Still Points North

EUROSTOXX50 TECHS
  • RES 4: 4290.00 High Jan 14, 2008
  • RES 3: 4265.00 High Jan 15, 2008
  • RES 2: 4246.63 Bull channel top drawn off the Feb 26 low
  • RES 1: 4175.00 Nov 26, 2008 low (cont)
  • PRICE: 4158.00 @ 05:52 BST Jun 18
  • SUP 1: 4087.94 20-day EMA
  • SUP 2: 4016.00 Low May 27
  • SUP 3: 4001.12 50-day EMA
  • SUP 4: 3986.50 Channel base from the Feb 26 low

EUROSTOXX 50 futures traded higher once again yesterday as the contract extends its climb and maintains a bullish price sequence of higher highs and higher lows. The focus remains on 4175.00, the Nov 26 2008 low. On the downside, firm trend support is unchanged at 3844.00, May 13 low. Initial support lies at 4087.94, the 20-day EMA. A break of the average would signal scope for a corrective deeper.

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