Free Trial

(M3) Resistance Still Intact

EUROSTOXX50 TECHS
  • RES 4: 4457.50 0.5 proj of the Mar 20 - Apr 21 - May 4 price swing
  • RES 3: 4448.00 High Jan 2008 (cont)
  • RES 2: 4409.50 High Nov 18 2021 (cont) and a major resistance
  • RES 1: 4362.00 High May 29
  • PRICE: 4304.00 @ 06:43 BST Jun 7
  • SUP 1: 4216.00 Low May 31 and the bear trigger
  • SUP 2: 4200.00 Round number support
  • SUP 3: 4175.00 Low Mar 30
  • SUP 4: 4164.00 High Mar 22

Eurostoxx 50 futures remain above 4216.00, the May 31 low and a key support. For now, the recent move higher appears to be a correction. Price action last week reinforced a bearish theme - support at 4252.00, the May 25 low, has been breached. The contract has also pierced support at 4233.00, the May 4 low and a key short-term level. Resistance to watch is 4362.00, May 29 high, a break would be bullish.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.