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(M4) Pullback Considered Corrective

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 and the bull trigger
  • PRICE: 5036.00 @ 06:16 BST May 29
  • SUP 1: 4962.80 50- day EMA
  • SUP 2: 4862.00 Low Apr 25
  • SUP 3: 4762.00 Low Apr 19 and a reversal trigger
  • SUP 4: 4711.00 Low Feb 19

Eurostoxx 50 futures are in consolidation mode. The recent trend condition remains bullish and the recent pullback appears to be a correction. The contract has recently cleared a key hurdle at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, a Fibonacci projection. Support at the 20-day EMA has been pierced. The next level to watch is 4962.80, the 50-day EMA.

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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 and the bull trigger
  • PRICE: 5036.00 @ 06:16 BST May 29
  • SUP 1: 4962.80 50- day EMA
  • SUP 2: 4862.00 Low Apr 25
  • SUP 3: 4762.00 Low Apr 19 and a reversal trigger
  • SUP 4: 4711.00 Low Feb 19

Eurostoxx 50 futures are in consolidation mode. The recent trend condition remains bullish and the recent pullback appears to be a correction. The contract has recently cleared a key hurdle at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, a Fibonacci projection. Support at the 20-day EMA has been pierced. The next level to watch is 4962.80, the 50-day EMA.