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(M2) Resistance At The 50-EMA Remains Intact

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: 3728.50/3745.00 50-day EMA / High May 18
  • PRICE: 3682.00 @ 05:29 BST May 23
  • 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 direction in the EUROSTOXX 50 futures remains bearish. A corrective cycle is still in play though following the recovery from 3466.00, May 10 low. Price last week challenged the 50-day EMA, at 3728.50, 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 to watch is 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: 3728.50/3745.00 50-day EMA / High May 18
  • PRICE: 3682.00 @ 05:29 BST May 23
  • 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 direction in the EUROSTOXX 50 futures remains bearish. A corrective cycle is still in play though following the recovery from 3466.00, May 10 low. Price last week challenged the 50-day EMA, at 3728.50, 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 to watch is at 3466.00, May 10 low.