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Neckline Support Gives Way *RES...>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Neckline Support Gives Way
*RES 4: 3467.64 High May 7
*RES 3: 3438.56 High May 16
*RES 2: 3384.26/3404.86 21-dma/55-dma
*RES 1: 3380.85 High May 27
*PRICE: 3318.15 @ Close May 30
*SUP 1: 3281.79/3273.68/3269.59 Low Mar 25/Low Mar 8/200-dma
*SUP 2: 3211.92 50% retracement
*SUP 3: 3140.16/3124.62 61.8% retracement/Low Feb 8
*SUP 4: 3080.00 Head and shoulders target
Eurostoxx broke cleanly below neckline support Wednesday shifting the outlook
outright negative and bringing the 3281.79/3273.68/3269.59 area into focus
marking the Mar 25 low/Mar 8 low/200-dma. Below here would likely accelerate the
downside towards the 50% retracement of the Dec-April rally. Bulls need to
recover Monday's high at 3380.85 to improve the outlook and open the 21/55-dmas
at 3384.26/3404.86
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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