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EUROSTOXX50 TECHS: Still Holding Above Key Support
*RES 4: 3269.66 61.8% retracement of the Feb - Mar sell-off
*RES 3: 3085.06 50.0% retracement of the Feb - Mar sell-off
*RES 2: 3023.83 High Apr 30 and key resistance
*RES 1: 2965.71 50-day EMA
*PRICE: 2883.75 @ Close May 11
*SUP 1: 2801.07 Low May 4
*SUP 2: 2791.34 Low Apr 21 and bear trigger
*SUP 3: 2701.86 Low Apr 6
*SUP 4: 2626.10 Low Apr 2 and key support
EUROSTOXX 50 attention has been on support at 2791.34. On Apr 30, the index
confirmed a bearish engulfing candle pattern, a reversal signal. The
significance of this pattern is reinforced by the fact that the pullback on Apr
30 follows a failure to clear the 50-day EMA. More recently though, the index
has found support. The key resistance is 3023.83, Apr 30 high. A break would
confirm a resumption of the uptrend. A break of 2791.34 would signal a reversal.