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(U1) Bear Cycle Still In Play

  • RES 4: 4153.00 High Jun 17 and bull trigger
  • RES 3: 4121.00 High Jun 25
  • RES 2: 4101.50 High Jul 1 and key near-term resistance
  • RES 1: 4006.50 High Jul 19
  • PRICE: 3953.50 @ 05:47 BST Jul 21
  • SUP 1: 3895.00 Low Jul 19
  • SUP 2: 3871.00 Low May 19
  • SUP 3: 3830.00 Low May 13 and a key support
  • SUP 4: 3779.00 Low Mar 26

EUROSTOXX 50 futures remain bearish despite the recovery from Monday's low. The contract last week failed to challenge resistance at 4101.50, Jul 1 high and the subsequent sell-off has resulted in a resumption of the bear cycle from Jun 17. 3951.50, Jul 8 low has been breached. This signals scope for weakness towards 3871.00, May 19 low ahead of key support at 3830.00, May 13 low. Initial resistance is at Monday's 4006.50 high.

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