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Recovery Intact

EUROSTOXX50 TECHS
  • RES 4: 3396.02 High Sep 3
  • RES 3: 3348.77 High Sep 16
  • RES 2: 3326.79 High Sep 18
  • RES 1: 3289.51 76.4% retracement of the Sep 16 - Sep 25 sell-off
  • PRICE: 3273.12 @ Close Oct 9
  • SUP 1: 3219.33 Low Oct 7
  • SUP 2: 3147.28 Low Oct 2 and key support
  • SUP 3: 3097.67 Low Sep 25 and the bear trigger
  • SUP 4: 3054.11 Low Jun 15

EUROSTOXX 50 conditions improved last week following Tuesday's break of resistance at 3227.43, Sep 28 high. Furthermore price has traded through the resistance zone defined by the 20- and 50-day EMAs. The move beyond these averages strengthens a bullish argument and opens 3289.51, a Fibonacci retracement. Initial firm support has been defined at 3147.28, Oct 2 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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