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EUROSTOXX50 TECHS: Reversal Off The High
*RES 4: 3646.43 1.000 projection of Aug 15 - 22 rally from Sep 25 low
*RES 3: 3636.22 High Feb 1, 2018
*RES 2: 3596.20 High May 18, 2018
*RES 1: 3588.68 High Oct 1
*PRICE: 3518.25 @ Close Oct 1
*SUP 1: 3517.09 Trendline support drawn off the Aug 26 low
*SUP 2: 3480.28 Low Sep 25 and key support
*SUP 3: 3479.58 Low Sep 10
*SUP 4: 3455.18 38.2% retracement of Aug 15 - Oct 1 rally
What a difference a day makes! EUROSTOXX50 traded higher yesterday to a fresh
trend high of 3588.68 and just above the 3586.16 Fibonacci projection. Heavy
selling pressure however followed and the market closed at the day low to
confirm a bearish engulfing reversal candle formation. This warns of a top and
the focus now shifts to key support at 3480.28, low Sep 25. A break would
confirm a reversal. Key resistance for a bull trend resumption is at 3588.68.