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(M2) 50-Day EMA Offers Resistance

EUROSTOXX50 TECHS
  • RES 4: 3944.00 High Mar 29 and a key resistance
  • RES 3: 3883.00 High Apr 21
  • RES 2: 3775.00 High May 5
  • RES 1: 3745.00 High May 18
  • PRICE: 3658.00 @ 05:20 BST May 20
  • SUP 1: 3576.00/3466.00 Low May 19 / Low May 10 and bear trigger
  • SUP 2: 3458.90 76.4% retracement of the Mar 7 - 29 rally
  • SUP 3: 3400.00 Round number support
  • SUP 4: 3309.00 Low Mar 7 and a major support

The primary trend theme in EUROSTOXX 50 futures remains bearish. A corrective cycle is in play though following the recovery from 3466.00, May 10 low. Price has this week challenged the 50-day EMA, at 3732.00, which has so far capped gains. A clear breach of the EMA would improve a short-term bullish theme and open 3775.00, the May 5 high. Key support and the bear trigger is unchanged at 3466.00, May 10 low.

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  • RES 4: 3944.00 High Mar 29 and a key resistance
  • RES 3: 3883.00 High Apr 21
  • RES 2: 3775.00 High May 5
  • RES 1: 3745.00 High May 18
  • PRICE: 3658.00 @ 05:20 BST May 20
  • SUP 1: 3576.00/3466.00 Low May 19 / Low May 10 and bear trigger
  • SUP 2: 3458.90 76.4% retracement of the Mar 7 - 29 rally
  • SUP 3: 3400.00 Round number support
  • SUP 4: 3309.00 Low Mar 7 and a major support

The primary trend theme in EUROSTOXX 50 futures remains bearish. A corrective cycle is in play though following the recovery from 3466.00, May 10 low. Price has this week challenged the 50-day EMA, at 3732.00, which has so far capped gains. A clear breach of the EMA would improve a short-term bullish theme and open 3775.00, the May 5 high. Key support and the bear trigger is unchanged at 3466.00, May 10 low.