Free Trial

Trendline Support Breached *RES...>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Trendline Support Breached
*RES 4: 3820.82 2.00 projection of the Dec 3 - Dec 6 rally from Dec 10 low
*RES 3: 3816.32 High Apr 15, 2015
*RES 2: 3813.80 High Jan 17 and bull trigger
*RES 1: 3802,68 High Jan 22
*PRICE: 3779.16 @ Close Jan 24
*SUP 1: 3734.06 Low Jan 23
*SUP 2: 3710.94 Low Jan 6 and key support
*SUP 3: 3700.00 Round number support
*SUP 4: 3659.53 Low Dec 11
The EUROSTOXX50 uptrend is under threat. Last week's sell-off resulted in a
break of key trendline support at 3749.41. The trendline is drawn off the Aug 15
low and is seen as a reliable gauge of the past 5-month uptrend. The break lower
signals a potential top at the recent 3813.80 high on Jan 17 and potentially the
early stages of a reversal. Prices did recover Friday and will need to hold
above 3734.06 to avoid a deeper pullback. Initial resistance is at 3802.68.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.