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(M4) Support Remains Intact

EUROSTOXX50 TECHS
  • RES 4: 5162.00 High Nov 2000
  • RES 3: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 2: 5110.00 High May 16 and the bull trigger
  • RES 1: 5088.00 High Jun 6
  • PRICE: 5023.00 @ 06:04 BST Jun 11
  • SUP 1: 4947.00 Low Jun 4 and key short-term support
  • SUP 2: 4936.00 50.0% retracement of the Apr 19 - May 16 bull cycle
  • SUP 3: 4894.90 61.8% retracement of the Apr 19 - May 16 bull cycle
  • SUP 4: 4862.00 Low Apr 25

The trend condition in Eurostoxx 50 futures is bullish and short-term weakness is considered corrective. A resumption of gains would refocus attention on key resistance and the bull trigger at 5110.00, the May 16 high. Clearance of this level would confirm a resumption of the uptrend. On the downside, support to watch lies at 4947.00, the Jun 4 low. A break would be bearish and instead expose 4894.90, a Fibonacci retracement.

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