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Sharp Reversal Highlights Possible Base

  • RES 4: 3326.79 High Sep 18
  • RES 3: 3263.57 50-day EMA
  • RES 2: 3247.22 20-day EMA
  • RES 1: 3227.43 High Sep 28
  • PRICE: 3223.19.06 @ Close Sep 28
  • SUP 1: 3144.52 Low Sep 28
  • SUP 2: 3097.67 Low Sep 25
  • SUP 3: 3054.11 Low Jun 15
  • SUP 4: 3012.50 38.2% retracement of the Mar - Jul rally

EUROSTOXX 50 traded sharply higher yesterday. The reversal is potentially an early indication of a base following the recovery off Friday's low. Key support has been defined at 3097.67. Continued gains would expose a firm resistance zone at 3247.22 to 3263.57, the 20- and 50-day EMA levels respectively. A breach of this zone would signal scope for further bullish gains. Weakness through 3097.67 would instead resume the downtrend.

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