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(M2) Corrective Bounce

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: 3806.70/3883.00 20-day EMA / High Apr 21
  • PRICE: 3754.00 @ 05:36 BST Apr 29
  • SUP 1: 3608.00 Low Apr 27
  • 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 a bear mode and recent gains are considered corrective. A bearish theme follows a reversal from the Apr 21 high of 3883.00. Price remains below the 50-day EMA and Monday’s move lower resulted in a break of support at 3684.00, the Apr 12 low and a bear trigger, reinforcing 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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