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(U1) Pullback Considered Corrective

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: 4262.07 2.0% 10-dma envelope
  • RES 1: 4238.50 High Aug 12
  • PRICE: 4196.50 @ 05:33 BST Aug 17
  • SUP 1: 4153.00 High Jun 17 and recent key breakout level
  • SUP 2: 4083.70 50-day EMA
  • SUP 3: 4047.50 Low Jul 27
  • SUP 4: 3944.00 Low Jul 21

EUROSTOXX 50 touched a new cycle high of 4238.50 Aug 13 extending the winning streak to nine consecutive sessions of higher highs and follows the break above previous resistance at 4153.00, Jun 17 high. Price however has since corrected lower. The contract maintains a bullish theme though and attention shifts to the 4262.07 2.0% 10-dma envelope. 4153.00, the recent key breakout level represents initial support.

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