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(M4) Gains Expose The Bull Trigger

EUROSTOXX50 TECHS
  • 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: 5073.00 High May 10
  • RES 1: 5066.20 2.0% 10-dma envelope
  • PRICE: 5065.00 @ 08:22 BST May 10
  • SUP 1: 4890.80/4862.00 50-day EMA / Low Apr 25
  • SUP 2: 4762.00 Low Apr 19 and the bear trigger
  • SUP 3: 4711.00 Low Feb 19
  • SUP 4: 4700.00 Round number support

Eurostoxx 50 futures build on the recent firm tone and the contract has traded higher again early Friday. Recent gains have resulted in a breach of the 20-day EMA, and resistance at 4990.00, Apr 15 high, highlighting a stronger reversal. Wednesday’s break of 5006.00, the Apr 4 high, reinforces the current bullish condition. Sights are on the bull trigger at 5079.00, Apr 2 high. Key support is 4762.00, the Apr 19 low. Initial support to watch is 4890.80, the 50-day EMA.

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