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(U1) Corrective Bounce

EUROSTOXX50 TECHS
  • 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: 4053.50 @ 05:47 BST Jul 12
  • SUP 1: 3951.50 Low Jul 8
  • SUP 2: 3976.00 Low May 21
  • SUP 3: 3914.00 Low May 20
  • SUP 4: 3871.00 Low May 19

EUROSTOXX 50 futures recovered Friday however the move is likely a correction. The contract last week 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. This opens 3914.00, the May 20 low. Initial resistance is seen at 4101.50, Jul 1 high. A break would be bullish.

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