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(M4) Corrective Cycle Remains In Play

EUROSTOXX50 TECHS
  • RES 4: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 3: 5110.00 High May 16 and the bull trigger
  • RES 2: 5046.00/5088.00 High Jun 12 / 6
  • RES 1: 4969.60 50-day EMA
  • PRICE: 4905.00 @ 06:41 BST Jun 18
  • SUP 1: 4818.00 Low Jun 14
  • SUP 2: 4762.00 Low Apr 19 and a key support
  • SUP 3: 4711.00 Low Feb 19
  • SUP 4: 4626.00 Low Feb 13

The trend condition in Eurostoxx 50 futures remains bullish, however, a corrective cycle has resulted in a pullback from the May high, and this bear remains in play for now. Last week’s move lower resulted in a break of 4943.00, the Jun 11 low, highlighting potential for a deeper retracement. Scope is seen for a move towards 4762.00, the Apr 19 low and a key support. Firm resistance is at 5046.00, Jun 12 high.

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