May 17, 2024 05:21 GMT
(M4) Uptrend Remains Intact
EUROSTOXX50 TECHS
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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
- PRICE: 5052.00 @ 06:02 BST May 17
- SUP 1: 5000.70/4929.70 20- and 50- day EMA values
- SUP 2: 4862.00 Low Apr 25
- SUP 3: 4762.00 Low Apr 19 and the bear trigger
- SUP 4: 4711.00 Low Feb 19
Eurostoxx 50 futures maintain a bullish tone despite yesterday’s pullback. This week’s gains resulted in a break of key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. This opens 5127.70 next, a Fibonacci projection. Key trend support is 4762.00, Apr 19 low. The initial support zone to watch is 5000.70/4929.70, the area between the 20- and 50- day EMAs.
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