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Needle Still Points North

EUROSTOXX50 TECHS
  • RES 4: 3668.70 High Feb 25
  • RES 3: 3630.53 0.618 proj of Mar 16 - Jul 21 rally from Oct 29 low
  • RES 2: 3553.05 High Feb 27
  • RES 1: 3510.62 High Nov 24
  • PRICE: 3507.98 @ Close Nov 24
  • SUP 1: 3440.22 Low Nov 19
  • SUP 2: 3396.02 High Sep 3
  • SUP 3: 3296.08 Former channel top drawn off the Jul 21 high
  • SUP 4: 3305.77 High Oct 12

EUROSTOXX 50 maintains a bullish theme and traded higher again yesterday. The climb on Nov 9 and subsequent follow through resulted in a breach of key resistance at 3451.16, Jul 21 high. This has confirmed a resumption of the broader recovery since the March lows. 3498.07, 76.4% of the Feb - Mar sell-off has been breached. The clearance of this retracement exposes the 3600.00 handle. On the downside, 3396.02 is firm support.

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