April 22, 2024 05:32 GMT
(M4) Bear Cycle Remains In Play
EUROSTOXX50 TECHS
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- RES 4: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
- RES 3: 5079.00 High Apr 2 and the bull trigger
- RES 2: 4990.00 High Apr 15
- RES 1: 4926.90 20-day EMA
- PRICE: 4884.00 @ 06:15 BST Apr 22
- SUP 1: 4762.00 Low Apr 19
- SUP 2: 4711.00 Low Feb 19
- SUP 3: 4700.00 Round number support
- SUP 4: 4626.00 Low Feb 13
Eurostoxx 50 futures traded to a fresh cycle low Friday, before recovering. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has traded through 4859.20, the 50-day EMA and a key pivot price point. A clear break of this average would signal scope for a deeper retracement and opens 4711.00, the Feb 19 low. Initial firm resistance is 4926.90, the 20-day EMA.
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