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(U3) Pullback Extends

EUROSTOXX50 TECHS
  • RES 4: 4513.00 High Jul 31 and the bull trigger
  • RES 3: 4420.00 High Aug 10
  • RES 2: 4358.00/4388.50 Aug 30 high / 61.8% Jul 31-Aug 18 downleg
  • RES 1: 4296.40 20-day EMA
  • PRICE: 4230.00 @ 06:22 BST Sep 7
  • SUP 1: 4225.00 Low Aug 24
  • SUP 2: 4187.00 Low Aug 18 and key support
  • SUP 3: 4177.40 61.8% retracement of the Mar 20 - Jul 31 bull leg
  • SUP 4: 4122.00 Low Mar 28

Eurostoxx 50 futures continue to pull back from the recent high. Attention is on support at 4225.00, the Aug 24 low. Clearance of this level would signal scope for a test of the key support at 4187.00, the Aug 18 low and bear trigger. Moving average studies continue to highlight a downtrend. For bulls, clearance of resistance at 4358.00, the Aug 30 high, would reinstate a bullish theme.

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