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(U1) Extending The Current Bounce

EUROSTOXX50 TECHS
  • RES 4: 4294.20 1.236 proj of the May 13 - Jun 17 - Jul 19 price swing
  • RES 3: 4271.30 2.0% 10-dma envelope
  • RES 2: 4238.50 High Aug 13 and the bull trigger
  • RES 1: 4200.60 76.4% retracement of the Aug 13 - 19 sell-off
  • PRICE: 4178.50 @ 05:52 BST Aug 24
  • SUP 1: 4078.00 Low Aug 19 and the bear trigger
  • SUP 2: 4026.20 76.4% retracement of the Jul 19 - Aug 13 rally
  • SUP 3: 3944.00 Low Jul 21
  • SUP 4: 3895.00 Low Jul 19

EUROSTOXX 50 continues to retrace the recent sharp sell-off. At this stage, gains since Aug 19 suggest the sell-off between Aug 13 - 19 has been a correction and that this correction is over. A key support has been defined at 4078.00, Aug 19 low. While it holds, scope is seen for further short-term gains and a retest of 4238.50, the Aug 13 high and bull trigger. On the downside, a break of 4078.00 would instead be bearish.

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