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(M1) Resistance Remains Intact

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: 3960.00 @ 05:49 BST May 4
  • SUP 1: 3922.00 Low Apr 30
  • SUP 2: 3889.00 Low Apr 20
  • SUP 3: 3855.00 Low Mar 31
  • SUP 4: 3830.23 50-day EMA

EUROSTOXX 50 on Apr 16 found resistance at 4000.00 and selling pressure dominated during the Apr 20 session signalling a short-term bearish threat. The trend is overbought and any pullback would allow this to unwind. Attention is on the 20-day EMA. A clear break, together with a move below 3889.00, Apr 20 low would signal scope for a deeper sell-off towards the 50-day EMA at 3830.23. For bulls, a breach of 4000.00 resumes the uptrend.

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