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May Downtrend Broken - Bullish....>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: May Downtrend Broken - Bullish Divergence Noted
*RES 4: 3412.98 61.8% retracement 3514.62-3248.54
*RES 3: 3401.49 55-dma
*RES 2: 3380.85 High May 28
*RES 1: 3355.62 21-dma
*PRICE: 3333.95 @ Close June 5
*SUP 1: 3314.45 5-dma
*SUP 2: 3248.54 Low June 3
*SUP 3: 3211.92 50% retracement 2908.70-3514.62
*SUP 4: 3140.16/3124.62 61.8% retracement 2908.70-3514.62/Low Feb 8
Eurostoxx has broken the May downtrend with focus now on a break above the
21-dma to put bulls in control. This comes in the wake of the hammer reversal
bullish candlestick pattern on Monday along with bullish divergence signals on
daily slow-stochastics & 14-day RSI studies. Support is at the 5-dma at 3314.45
and outlook remains constructive whilst above the 200-dma at 3267.87.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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