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(M2) Bearish Price Structure

EUROSTOXX50 TECHS
  • RES 4: 4132.00 High Feb 10
  • RES 3: 4072.00 High Feb 16
  • RES 2: 3944.00 High Mar 29 and a key resistance
  • RES 1: 3794.90/3883.00 50-day EMA / High Apr 21
  • PRICE: 3713.00 @ 05:41 BST May 4
  • SUP 1: 3608.00 Low Apr 27 and the bear trigger
  • SUP 2: 3551 60 61.8% retracement of the Mar 7 - 29 rally
  • SUP 3: 3523.00 Low Mar 11
  • SUP 4: 3458.90 76.4% retracement of the Mar 7 - 29 rally

EUROSTOXX 50 futures remain in consolidation mode. The outlook remains bearish. This follows a reversal from the Apr 21 high of 3883.00. Price is trading below the 50-day EMA and last week’s breach of support at 3684.00, Apr 12 low and a bear trigger, reinforces a bearish condition. A resumption of weakness would open 3551.60, a Fibonacci retracement. Resistance is at 3883.00, Apr 21 high.

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