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(U3) Watching Resistance At The 50-Day EMA

EUROSTOXX50 TECHS
  • RES 4: 4472.24 1.382 proj of the May 31 - Jun 5 - 7 price swing
  • RES 3: 4448.00 High Jan 2008 (cont) and key resistance
  • RES 2: 4371.00 High Jul 6
  • RES 1: 4329.40 50-day EMA
  • PRICE: 4328.00 @ 05:45BST Jul 12
  • SUP 1: 4220.00 Low Jul 7
  • SUP 2: 4208.50 50.0% retracement of the Mar 20 - Jul 3 bull cycle
  • SUP 3: 4200.00 Round number support
  • SUP 4: 4152.20 61.8% retracement of the Mar 20 - Jul 3 bull cycle

The latest move higher in Eurostoxx 50 futures appears to be a correction and a bear threat remains present. The contract traded sharply lower last week, clearing a number of key support levels. 4241.00, the May 31 low, has been breached highlighting a potential reversal, opening 4208.50, a Fibonacci retracement. Key short-term resistance is seen at 4329.40, the 50-day EMA. A clear break of this average would ease bearish pressure.

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