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(M4) Approaching Key Support

EUROSTOXX50 TECHS
  • RES 4: 5170.50 1.50 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 3: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 2: 5100.00 Round number resistance
  • RES 1: 4990.00/5079.00 High Apr 15 / 2 and the bull trigger
  • PRICE: 4875.00 @ 06:11 BST Apr 16
  • SUP 1: 4861.00 Intraday low
  • SUP 2: 4856.40 50-day EMA
  • SUP 3: 4826.00 Low Mar 5
  • SUP 4: 4800.00 Round number support

Eurostoxx 50 futures are trading lower today. A bearish corrective cycle remains in play and the move down this month is allowing an overbought trend condition to unwind. The contract is approaching support at 4856.40, the 50-day EMA and this level marks the next key pivot price point. A clear break of the EMA would signal scope for a deeper retracement. Initial resistance to watch is 4990.00, the Apr 15 high.

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