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(U1) Bearish Breakout

  • RES 4: 4175.00 Nov 26, 2008 low (cont)
  • RES 3: 4153.00 High Jun 17 and bull trigger
  • RES 2: 4121.00 High Jun 25
  • RES 1: 4101.50 High Jul 1
  • PRICE: 4001.50 @ 09:49 BST Jul 8
  • SUP 1: 3990.50 Intraday low
  • SUP 2: 3976.00 Low May 21
  • SUP 3: 3914.00 Low May 20
  • SUP 4: 3871.00 Low May 19

EUROSTOXX 50 futures have sold off sharply this morning. Importantly, the contract has traded through a key near-term support at 4015.00, Jun 21 low. The break lower strengthens a short-term bearish case and reinforces the reversal highlighted by the bearish engulfing candle line on Jun 21. Note price has also traded through the 50-day EMA and 4000.00. This opens 3914.00, the May 20 low. Initial resistance is seen at 4101.50, high Jul 1.

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