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(U1) Extends Streak of Higher Highs

EUROSTOXX50 TECHS
  • RES 4: 4636.70 76.4% 2000 - 2009 Range
  • RES 3: 4270.92 2.0% Upper Bollinger Band
  • RES 2: 4253.71 2.0% 10-dma envelope
  • RES 1: 4228.00 High Aug 12
  • PRICE: 4222.00 @ 16:16 BST Aug 13
  • SUP 1: 4029.50 Low Jul 22
  • SUP 2: 3944.00/3895.00 Low Jul 21 / Low Jul 19
  • SUP 3: 3871.00 Low Jul 21 / Low May 19
  • SUP 4: 3830.00 Low May 13 and a key support

EUROSTOXX 50 futures are extending gains, topping out at new cycle highs of 4238.50 Friday. This extends the winning streak to nine consecutive sessions of higher highs. This follows the break above previous resistance at 4101.50, Jul 1 high. The breach of this level places on hold the previously bearish outlook and instead signals scope for a stronger move higher. Attention shifts to the 4253.71 2.0% 10-dma envelope. Key support has been defined at 3895.00.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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