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(U3) Short-Term Outlook Remains Bullish

EUROSTOXX50 TECHS
  • RES 4: 4515.00 High Nov / Dec 2007 (cont)
  • RES 3: 4513.00 High Jul 31 and the bull trigger
  • RES 2: 4420.00 High Aug 10
  • RES 1: 4358.00/4388.50 Aug 30 high / 61.8% Jul 31-Aug 18 downleg
  • PRICE: 4318.00 @ 06:40 BST Sep 1
  • SUP 1: 4293.00 Low Aug 31
  • SUP 2: 4225.00/4187.00 Low Aug 24 / 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 remain closer to recent highs despite the latest pullback. The contract has traded above resistance at the 50-day EMA at 4329.9. A continuation higher would signal scope for a climb towards resistance at 4420.00. The bull trigger is 4358.00, the Aug 30 high. On the downside, a breach of 4187.00, the Aug 18 low, would be a bearish development and confirm a resumption of the downtrend.

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