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(U3) Corrective Cycle Still In Play

EUROSTOXX50 TECHS
  • RES 4: 4487.00 1.50 proj of the May 31 - Jun 5 - 7 price swing
  • RES 3: 4472.40 1.382 proj of the May 31 - Jun 5 - 7 price swing
  • RES 2: 4448.00 High Jan 2008 (cont)
  • RES 1: 4344.40/4438.00 20-day EMA / High Jun 16 and bull trigger
  • PRICE: 4320.00 @ 06:34 BST Jun 27
  • SUP 1: 4262.00 Low Jun 26
  • SUP 2: 4241.00 Low May 31 and the bear trigger
  • SUP 3: 4200.00 Round number support
  • SUP 4: 4150.00 Low Mar 29

The Eurostoxx 50 futures uptrend remains intact, however, a bearish cycle since Jun 16 resulted in a correction. The contract has breached support at 4301.00, the Jun 8 low. This level represented a key short-term support and the clear break signals scope for a deeper retracement, exposing 4241.00, the May 31 low and an important medium-term support point. Key resistance and the bull trigger has been defined at 4438.00, the Jun 16 high.

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