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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: 3300.16 @ Close Jul 29
  • SUP 1: 3277.40 Low Jul 14
  • SUP 2: 3251.67 Bull channel base drawn off the Mar 16 low
  • SUP 3: 3241.29 Low Jul 10
  • SUP 4: 3240.10 50-day EMA

EUROSTOXX 50 remains softer this week following the recent sell-off
from 3451.16, Jul 21 high. 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 3251.67. 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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