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Resistance Remains Intact

EUROSTOXX50 TECHS
  • RES 4: 3668.70 High Feb 25
  • RES 3: 3630.53 0.618 proj of Mar 16 - Jul 21 rally from Oct 29 low
  • RES 2: 3586.44 High Dec 18 and bull trigger
  • RES 1: 3544.77 Low Dec 18 and gap high on the chart
  • PRICE: 3539.26 @ Close Dec 23
  • SUP 1: 3401.14 Low Dec 21
  • SUP 2: 3396.02 High Sep 3 and a key support
  • SUP 3: 3332.19 38.2% retracement of the Oct 29 - Dec 18 rally
  • SUP 4: 3305.77 High Oct 12

EUROSTOXX 50 traded higher yesterday, extending the recovery from Monday's 3401.14 low. This week's early sharp pullback though defines a key S/T resistance at 3586.44, Dec 18 high. The trend condition has been in overbought territory and the sell-off signals the possible start of a corrective phase that would open 3332.19 on a resumption of weakness. This is a Fibonacci retracement. A break of 3516.66 though resumes the uptrend.

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