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(U2) Bearish Outlook

EUROSTOXX50 TECHS
  • RES 4: 3902.00 High Mar 29
  • RES 3: 3840.00 High Jun 6
  • RES 2: 3651.70 50-day EMA
  • RES 1: 3567.00 High Jun 16
  • PRICE: 3439.00 @ 05:28 BST Jun 23
  • SUP 1: 3384.00 Low Jun 16 and the bear trigger
  • SUP 2: 3300.00 Round number support
  • SUP 3: 3241.70 1.382 proj of the Mar 29 - May 10 - Jun 6 price swing
  • SUP 4: 3189.10 1.50 proj of the Mar 29 - May 10 - Jun 6 price swing

The EUROSTOXX 50 futures trend direction remains down and recent gains are considered corrective. The breach last week of key support at 3456.00, May 10 low, reinforces bearish conditions and signals potential for weakness towards 3300.00 next. Moving average studies remain in a bear mode condition, highlighting current trend conditions. Initial firm resistance is seen at 3651.70, the 50-day EMA.

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