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(U4) Bear Cycle Extends

EUROSTOXX50 TECHS
  • RES 4: 5087.00 High Jul 12 and a key resistance
  • RES 3: 5012.00 High Jul 16
  • RES 2: 4951.89/4980.00 50-day EMA / High Jul 23
  • RES 1: 4860.00 Low Jun 14
  • PRICE: 4740.00 @ 06:38 BST Aug 2
  • SUP 1: 4737.00 Low Aug 2
  • SUP 2: 4711.10 1.382 proj of the Jun 6 - 14 - Jul 12 price swing
  • SUP 3: 4679.00 1.50 proj of the Jun 6 - 14 - Jul 12 price swing
  • SUP 4: 4599.00 High Jan 2 (cont)

A bear threat in Eurostoxx 50 futures remains present and the contract traded lower Thursday. Price has recently breached 4846.00, the Apr 19 low. The clear break of this level paves the way for an extension towards 4711.10 next, a Fibonacci projection. Note that price has also pierced the 200-dma, reinforcing a bearish theme. Initial firm resistance to watch is 4951.89, the 50-day EMA.

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