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(U4) Bearish Threat Remains Present

EUROSTOXX50 TECHS
  • RES 4: 4913.13 50-day EMA
  • RES 3: 4831.66 20-day EMA
  • RES 2: 4770.00 High Aug 2
  • RES 1: 4663.00 High Aug 6
  • PRICE: 4649.00 @ 06:27 BST Aug 7
  • SUP 1: 4494.00 Low Aug 5
  • SUP 2: 4478.81 2.236 proj of the Jun 6 - 14 - Jul 12 price swing
  • SUP 3: 4424.64 61.8% of the Oct 27 ‘23 - May 16 bull cycle (cont)
  • SUP 4: 4502.00 Low Jan 24 (cont)

A bear threat in Eurostoxx 50 futures remains present and the contract traded lower Monday having started the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low. The breach highlights a stronger reversal and signals scope for an extension towards 4478.81 next, a Fibonacci projection. Firm resistance is 4913.13, the 50-day EMA. First resistance is 4663.00, the Aug 6 high.

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