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(M4) Reversal Extends

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: 5043.00 High Apr 4
  • RES 1: 5002.00 Intraday high
  • PRICE: 4995.00 @ 05:59 BST Apr 24
  • SUP 1: 4865.00/4762.00 50-day EMA / Low Apr 19 and bear trigger
  • SUP 2: 4711.00 Low Feb 19
  • SUP 3: 4700.00 Round number support
  • SUP 4: 4626.00 Low Feb 13

Eurostoxx 50 futures traded higher Tuesday, extending the recovery from 4762.00, the Apr 19 low. The contract has cleared the 20-day EMA and breached resistance at 4990.00, the Apr 15 high. This highlights a stronger reversal and signals the end of the correction between Apr 2 - 19. A continuation higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00.

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