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Still Trading Sideways

  • RES 4: 3498.07 76.4% retracement of the Feb - Mar sell-off
  • RES 3: 3451.16 High Jul 21 and the bull trend trigger
  • RES 2: 3402.19 High Jul 22
  • RES 1: 3396.02 High Sep 3 and the bull trigger
  • PRICE: 3316.57 @ Close Sep 17
  • SUP 1: 3221.42 Low Aug 21 and key near-term support
  • SUP 2: 3220.05 Low Aug 7
  • SUP 3: 3173.98 Low Aug 3 and key support
  • SUP 4: 3149.67 Low Jun 25

EUROSTOXX 50 remains range bound. The index continues to trade below the Sep 3 high of 3396.02. Attention is on support at 3221.42, Aug 21 low. This marks a key near-term chart point and a breach would represent an important short-term bearish development, signalling scope for a deeper sell-off towards 3173.98, Aug 3 low. On the upside, clearance of 3396.02 is required to reinstate a bullish focus.

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