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(U2) Bearish Outlook

EUROSTOXX50 TECHS
  • RES 4: 3822/40.00 High Aug 17 / High Jun 6 and key resistance zone
  • RES 3: 3782.00 High Aug 18
  • RES 2: 3705.00 High Aug 26 and key near-term resistance
  • RES 1: 3459.00/3622.2 High Sep 2 / 50-day EMA
  • PRICE: 3486.00@ 05:30 BST Sep 6
  • SUP 1: 3429.00 Low Sep 5
  • SUP 1: 3386.00 Low Jul 15
  • SUP 3: 3362.00 Low Jul 14
  • SUP 4: 3343.00 Low Jul 5 and the bear trigger

EUROSTOXX 50 futures remain bearish and traded to a fresh short-term trend low yesterday. The contract has cleared 3456.00, the 76.4% retracement of the Jul 5 - Aug 17 rally. The clear break strengthens bearish conditions and exposes the key support at 3343.00, Jul 5 low. Clearance of 3343.00 would confirm a resumption of the broader downtrend. Initial resistance is seen at 3549.00, Friday's high.

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