Overall outlook still bearish.....>

EUROSTOXX50 TECHS: Overall outlook still bearish

*RES 4: 3424.68 Low Jun 27

*RES 3: 3406.39 50.0% retracement of the Jul 25 - Aug 15 downleg

*RES 2: 3400.17/3405.35 50-day EMA / High Aug 22 and key resistance

*RES 1: 3380.88 High Aug 27

*PRICE: 3365.38 @ Close Aug 28

*SUP 1: 3318.33 Low Aug 26

*SUP 2: 3286.54 Low Aug 16

*SUP 3: 3239.20 Low Aug 15 and key support

*SUP 4: 3175.71 Low Feb 15

EUROSTOXX50 gains this week are seen as a correction. The failure last week at

3405.35, the high of Aug 22 marked an inability to clear resistance around the

50-day EMA and signalled an end to the recent correction between Aug 15 - Aug

22. With technical readings still highlighting a net bearish outlook, the focus

is on the 3286.54, Aug 16 low. A break would open 3239.20, the low of Aug 15 and

bear trigger. A move above 3405.35 is required to reinstate a bullish outlook.