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Pullback Considered Corrective

EUROSTOXX50 TECHS
  • RES 4: 3867.28 High Feb 20, 2020
  • RES 3: 3858.79 1.50 proj of Dec 21 - Jan 8 rally from Jan 28 low
  • RES 2: 3798.19 0.764 proj of Mar - Jul - Oct 2020 swing
  • RES 1: 3742.53 High Feb 15
  • PRICE: 3699.85 @ Close Feb 22
  • SUP 1: 3672.80 High Feb 18
  • SUP 2: 3659.35 20-day EMA
  • SUP 3: 3628.47 Low Feb 10
  • SUP 4: 3594.18 50-day EMA

EUROSTOXX 50 remains bullish despite the corrective pullback in the middle of last week. The focus is on 3798.19 further out, a Fibonacci projection. Moving average studies remain in a bull mode reinforcing underlying conditions. On the downside, the index needs to clear support at 3473.76 to reinstate a bearish theme, the Jan 28 low. Initial support is at 3659.35,the 20-day EMA. The bull trigger is the Feb 15 high of 3742.53.

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