April 26, 2024 05:28 GMT
(M4) Short-Term Bull Cycle Still In Play
EUROSTOXX50 TECHS
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- 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: 5003.00 High Apr 24
- PRICE: 4942.00 @ 07:09 BST Apr 25
- SUP 1: 4869.70/4862.00 50-day EMA / Low Apr 24
- 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 are holding on to the bulk of the recovery from 4762.00, the Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, Apr 15 high. This highlights a potentially stronger reversal and signals the end of the correction between Apr 2 - 19. A continuation higher would expose the bull trigger at 5079.00, Apr 2 high. Key support lies at 4762.00. Initial support to watch is 4869.70, the 50-day EMA.
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