May 17, 2024 09:51 GMT
Price Signal Summary - EUROSTOXX 50 Trend Structure Remains Bullish
OUTLOOK
- In the equity space, S&P E-Minis have traded higher this week as the contract extends the bull cycle from Apr 19. Bullish trend conditions remain intact. Recent gains have resulted in a break of key resistance at 5333.50, Apr 1 high. This confirms a resumption of the primary uptrend and signals scope for a climb to 5372.73, 1.764 projection of the Apr 19 - 29 - May 2 price swing. Moving average studies remain in a bull-mode set-up, highlighting a clear uptrend. Initial support is at 5207.52, the 20-day EMA.
- EUROSTOXX 50 futures maintain a bullish tone despite yesterday’s pullback. This week’s gains resulted in a break of key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. This opens 5127.70 next, the 1.382 projection of the Jan 17 - Feb 12 - 13 price swing. The initial support zone to watch is 5000.70/4929.70, the area between the 20- and 50- day EMAs.
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