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(U3) Corrective Cycle Remains In Play

EUROSTOXX50 TECHS
  • RES 4: 4539.20 1.382 proj of the May 31 - Jul 3 - 7 price swing (cont)
  • RES 3: 4515.00 High Nov / Dec 2007 (cont)
  • RES 2: 4513.00 High Jul 31 and the bull trigger
  • RES 1:4338.70/4420.00 50-day EMA / High Aug 10
  • PRICE: 4312.00 @ 06:45 BST Aug 24
  • SUP 1: 4247.00/4187.00 Low Aug 22 / 18 and key support
  • SUP 2: 4177.40 61.8% retracement of the Mar 20 - Jul 31 bull leg
  • SUP 3: 4122.00 Low Mar 28
  • SUP 4: 4098.10 76.4% retracement of the Mar 20 - Jul 31 bull leg

A bearish theme in Eurostoxx 50 futures remains present, however, for now a corrective cycle remains in play and the contract is trading higher. Resistance to watch is 4338.70, the 50-day EMA. A break of this average would highlight a stronger bullish theme and signal scope for a climb, potentially towards 4420.00, the Aug 10 high. Key support and the bear trigger has been defined at 4187.00, the Aug 8 low.

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