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(M4) Corrective Pullback

EUROSTOXX50 TECHS
  • RES 4: 5170.50 1.50 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 3: 5162.00 High Nov 2000
  • RES 2: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 1: 5110.00 High May 16
  • PRICE: 5060.00 @ 06:10 BST May 22
  • SUP 1: 5017.20/4945.00 20- and 50- day EMA values
  • SUP 2: 4862.00 Low Apr 25
  • SUP 3: 4762.00 Low Apr 19 and the bear trigger
  • SUP 4: 4711.00 Low Feb 19

A bullish theme in Eurostoxx 50 futures remains intact and the latest pullback appears to be a correction. Last week’s gains resulted in a break of key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, a Fibonacci projection. Key trend support is 4762.00, the Apr 19 low. The initial support zone to watch is the area between 5017.20 to 4945.00, the 20- and 50- day EMA values.

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  • RES 4: 5170.50 1.50 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 3: 5162.00 High Nov 2000
  • RES 2: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 1: 5110.00 High May 16
  • PRICE: 5060.00 @ 06:10 BST May 22
  • SUP 1: 5017.20/4945.00 20- and 50- day EMA values
  • SUP 2: 4862.00 Low Apr 25
  • SUP 3: 4762.00 Low Apr 19 and the bear trigger
  • SUP 4: 4711.00 Low Feb 19

A bullish theme in Eurostoxx 50 futures remains intact and the latest pullback appears to be a correction. Last week’s gains resulted in a break of key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, a Fibonacci projection. Key trend support is 4762.00, the Apr 19 low. The initial support zone to watch is the area between 5017.20 to 4945.00, the 20- and 50- day EMA values.