April 18, 2024 05:32 GMT
(M4) Testing Key Support At The 50-Day EMA
EUROSTOXX50 TECHS
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- RES 4: 5170.50 1.50 proj of the Jan 17 - Feb 12 - 13 price swing
- RES 3: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
- RES 2: 5100.00 Round number resistance
- RES 1: 4990.00/5079.00 High Apr 15 / 2 and the bull trigger
- PRICE: 4875.00 @ 06:15 BST Apr 18
- SUP 1: 4857.50/4842.00 50-day EMA / Low Apr 17
- SUP 2: 4826.00 Low Mar 5
- SUP 3: 4800.00 Round number support
- SUP 4: 4771.00 Low Feb 22
Eurostoxx 50 futures are trading at their recent lows. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract is testing support at 4857.50, the 50-day EMA and a key pivot price point. A clear break of this average would signal scope for a deeper retracement and open 4826.00, the Mar 5 low. Initial resistance to watch is 4990.00, the Apr 15 high.
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