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Trading At Recent Lows

EUROSTOXX50 TECHS
  • RES 4: 3553.05 High Feb 27
  • RES 3: 3498.07 76.4% retracement of the Feb - Mar sell-off
  • RES 2: 3451.16 High Jul 21 and the bull trigger
  • RES 1: 3349.54 High Jul 24
  • PRICE: 3302.84 @ Close Jul 27
  • SUP 1: 3277.40 Low Jul 14
  • SUP 2: 3241.29 Low Jul 10
  • SUP 3: 3234.96 50-day EMA
  • SUP 4: 3231.90 Bull channel base drawn off the Mar 16 low

EUROSTOXX 50 is trading at recent lows following last week's rejection
off 3451.16 on Jul 21. The recent move lower has exposed 3241.29, Jul
10 low where a break would further undermine the recent bull run and
expose the bull channel support drawn off the Mar 16 low. The line
intersects at 3231.90. A break of the channel support would highlight a
broader reversal. The key trigger for a resumption of gains is 3451.16.

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