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(U2) Bear Cycle In Play

EUROSTOXX50 TECHS
  • RES 4: 3877.30 50.0% of the Nov 18 ‘21 - Jul 5 bear leg (cont)
  • RES 3: 3855.00 High Apr 21
  • RES 2: 3822/40.00 High Aug 17 / High Jun 6 and key resistance zone
  • RES 1: 3782.00 High Aug 18
  • PRICE: 3717.00 @ 05:38 BST Aug 22
  • SUP 1: 3704.00 Intraday low
  • SUP 2: 3650.80/3553.00 50-day EMA / Low Jul 26
  • SUP 3: 3467.00 Low Jul 18 / 19
  • SUP 4: 3343.00 Low Jul 5 and the bear trigger

EUROSTOXX 50 futures remain in an uptrend, however, the contract has entered a corrective phase. The move lower Friday marks an extension of the pullback from last week’s 3822.00 high. The 20-day EMA, at 3709.50, has been pierced. A clear break would signal scope for an extension lower and open the 50-day EMA at 3650.80. Key resistance has been defined at 3822.00 ahead of 3840. The latter is the Jun 6 high.

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