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Sharp Sell-Off

EUROSTOXX50 TECHS
  • RES 4: 3330.54 Bear channel top drawn off the Jul 21 high
  • RES 3: 3305.77 High Oct 12 and the bull trigger
  • RES 2: 3282.55 High Oct 19
  • RES 1: 3217.96 High Oct 23 and the near term key resistance
  • PRICE: 3105.25 @ Close Oct 26
  • SUP 1: 3097.67 Low Sep 25 and the bear trigger
  • SUP 2: 3065.82 Bear channel base drawn off the Jul 21 high
  • SUP 3: 3054.11 Low June 15
  • SUP 4: 3012.50 38.2% retracement of the Mar - Jul uptrend

A bearish EUROSTOXX 50 session yesterday saw the index sell-off sharply and resume the most recent decline that started on Oct 12. Price has cleared former support at 3147.28, Oct 2 low and attention turns to the next key support handle at 3097.67, Sep 25 low. A break would reinforce bearish conditions and open 3054.11, Jun 15 low. Key near-term resistance is at 3217.96, Oct 23 high.

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