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(M3) Corrective Pullback

EUROSTOXX50 TECHS
  • RES 4: 4510.50 0.618 proj of the Mar 20 - Apr 21 - May 4 price swing
  • RES 3: 4457.50 0.5 proj of the Mar 20 - Apr 21 - May 4 price swing
  • RES 2: 4448.00 High Jan 2008 (cont)
  • RES 1: 4409.50 High Nov 18 2021 (cont) and a major resistance
  • PRICE: 4329.00 @ 05:49 BST May 24
  • SUP 1: 4322.00/4266.30 Low May 23 / 50-day EMA
  • SUP 2: 4233.00 Low May 4
  • SUP 3: 4175.00 Low Mar 30
  • SUP 4: 4164.00 High Mar 22

Eurostoxx 50 futures traded lower Tuesday. For now, the pullback appears to be a correction and trend signals continue to point north - moving average studies remain in a bull mode position. The contract has tested support at the 20-day EMA, which intersects at 4323.50. A clear break would expose the 50-day EMA at 4266.30. On the upside, the bull trigger has been defined at 4409.00, the May 19 high. A break would resume the uptrend.

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