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(U1) Finds Support

EUROSTOXX50 TECHS
  • RES 4: 4636.70 76.4% retracement of the 2000 - 2009 bear phase
  • RES 3: 4294.20 1.236 proj of the May 13 - Jun 17 - Jul 19 price swing
  • RES 2: 4270.23 2.0% 10-dma envelope
  • RES 1: 4238.50 High Aug 12
  • PRICE: 4202.50 @ 05:39 BST Aug 18
  • SUP 1: 4167.50/53.00 Low Aug 17 / High Jun 17
  • SUP 2: 4083.70 50-day EMA
  • SUP 3: 4047.50 Low Jul 27
  • SUP 4: 3944.00 Low Jul 21

EUROSTOXX 50 has pulled back this week but appears to have found support at yesterday's low of 4167.50. The trend condition remains bullish with a price sequence of higher highs and higher lows still dominant and moving average studies maintaining a bull mode condition. Attention is on the 4270.23 2.0% 10-dma envelope. 4167.50 and 4153.00, the recent key breakout level represents initial support.

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