Free Trial

(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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.