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(M3) Short-Term Gains Considered Corrective

EUROSTOXX50 TECHS
  • RES 4: 4268.00 High Mar 6 and key resistance
  • RES 3: 4193.20 76.4% retracement of the Mar 6 - 15 bear leg
  • RES 2: 4143.60 20-day EMA
  • RES 1: 4109.50 50.0% retracement of the Mar 6 - 15 bear leg
  • PRICE: 4087.00 @ 05:51 GMT Mar 17
  • SUP 1: 3951.00 Low Mar 15
  • SUP 2: 3865.00 Low Jan 4
  • SUP 3: 3800.00 Round number support
  • SUP 4: 3750.00 Low Dec 30

The Eurostoxx 50 futures outlook remains bearish following recent weakness and Wednesday’s strong sell-off reinforces the current bear cycle. Short-term gains are considered corrective. The break of the 4000.00 handle signals scope for weakness towards 3865.00, the Jan 4 low and further out towards the 3800.00 handle. Initial resistance is seen at 4143.60, the 20-day EMA. Key resistance has been defined at 4268.00, the Mar 6 high.

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