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(U2) Bull Flag

EUROSTOXX50 TECHS
  • RES 4: 3722.70 76.4% retracement of the Jun 6 - Jul 5 downleg
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3650.10 61.8% retracement of the Jun 6 - Jul 5 downleg
  • RES 1: 3620.00 High Jul 22
  • PRICE: 3574.00 @ 05:38 BST Jul 25
  • SUP 1: Low Jul 18 / 19
  • SUP 2: 3343.00 Low Jul 5 and the bear trigger
  • SUP 3: 3321.30 50.0% of the major 2020 - 2021 upleg (cont)
  • SUP 4: 3300.00 Round number support

EUROSTOXX 50 futures touched a new high Friday at 3620.00, but the price has moved back into its recent range and the contract continues to consolidate. This pause in the bull cycle appears to be a bull flag. If correct, it reinforces current bullish conditions and suggests scope for a stronger recovery towards 3689.00, Jun 10 high. The key support and bear trigger is unchanged at 3343.00, Jul 5 low. Initial support is at 3467.00.

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