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Probes Key Resistance

  • RES 4: 3867.28 High Feb 20, 2020
  • RES 3: 3798.19 0.764 proj of Mar - Jul - Oct 2020 swing
  • RES 2: 3700.00 Round number resistance
  • RES 1: 3681.82 High Feb 8
  • PRICE: 3665.51 @ Close Feb 8
  • SUP 1: 3594.76 20-day EMA
  • SUP 2: 3545.09 Low Feb 2
  • SUP 3: 3473.76 Low Jan 28 and the bear trigger
  • SUP 4: 3455.94 Low Dec 22

EUROSTOXX 50 rebounded last week and has defined a key short-term support at 3473.76, Jan 28 low. Gains last week resulted in breach of the recent trend high at 3657.83, Jan 8 high. Yesterday's climb highlights the break and confirms a resumption of the underlying uptrend and opens the 3700.00 handle. For bears, the index needs to clear support at 3473.76 to reinstate a bearish theme. This would open 3401.14, Dec 21 low.

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