Free Trial

(M4) Corrective Cycle Remains In Play

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: 5008.00/5079.00 High Apr 8 / 2 and the bull trigger
  • PRICE: 4950.00 @ 06:24 BST Apr 12
  • SUP 1: 4886.00 Low Apr 11
  • SUP 2: 4851.40 50-day EMA
  • SUP 3: 4826.00 Low Mar 5
  • SUP 4: 4800.00 Round number support

A corrective cycle in Eurostoxx 50 futures remains in play and the move down is allowing an overbought trend condition to unwind. The break of support around the 20-day EMA suggests potential for a deeper retracement. The next support lies at 4851.40, the 50-day EMA and marks the next key pivot support. The bull trigger and key resistance has been defined at 5079.00, Apr 2 high.

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.