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(M2) Bull Cycle Extends

EUROSTOXX50 TECHS
  • RES 4: 3944.00 High Mar 29 and a key resistance
  • RES 3: 3888.00 High Apr 5
  • RES 2: 3883.00 High Apr 21
  • RES 1: 3816.00 High May 27
  • PRICE: 3809.00 @ Close of May 27
  • 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

EUROSTOXX 50 futures traded higher again Friday and this signals a resumption of the current bull cycle. The contract has traded through its 50-day EMA, at 3722.90. The positive theme strengthened on the break of 3775.00, the May 5 high, ahead of the Friday close. This opens 3883.00, the Apr 21 high. Key support and the bear trigger is unchanged at 3466.00, May 10 low. Initial support is at 3576.00, the May 19 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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