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Price Signal Summary - EUROSTOXX 50 Bulls Remain In The Driver’s Seat

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis remains bullish following last week’s gains and pullbacks are considered corrective. The move higher continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 5009.39, the 20-day EMA. A resumption of gains would open vol-band based resistance at 5142.10.
  • The bull cycle in EUROSTOXX 50 futures remains firmly intact and the contract traded higher yesterday. Moving average studies remain in a bull-mode position too, highlighting positive market sentiment. Sights are on 4904.40 next, the 2.236 projection of the Nov 8 - 24 - 28 price swing. Further out, scope is seen for a climb towards a bull channel top at 4975.20. The channel is drawn from the Oct 27 low. Initial firm support lies at 4762.00, the 20-day EMA.

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