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(U1) Pullbacks Considered Corrective

EUROSTOXX50 TECHS
  • RES 4: 4341.40 1.382 proj of the May 13 - Jun 17 - Jul 19 price swing
  • RES 3: 4294.20 1.236 proj of the May 13 - Jun 17 - Jul 19 price swing
  • RES 2: 4275.84 2.0% 10-dma envelope
  • RES 1: 4249.50 High Sep 1
  • PRICE: 4200.00 @ 06:07 BST Sep 6
  • SUP 1: 4138.50 Low Aug 26
  • SUP 2: 4078.00 Low Aug 19 and the bear trigger
  • SUP 3: 4026.20 76.4% retracement of the Jul 19 - Aug 13 rally
  • SUP 4: 3944.00 Low Jul 21

EUROSTOXX 50 futures trend conditions remain bullish despite the recent pullback. The contract traded higher Sep 1 and breached 4238.50, Aug 13 high. This confirms a resumption of the uptrend and opens 4294.20, 1.236 projection of the May 13 - Jun 17 - Jul 19 price swing. Key support has been defined at 4078.00, Aug 19 low. A break is required to signal a reversal. Initial firm support is at 4138.50, Aug 26 low.

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