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(U4) Breaches Resistance

EUROSTOXX50 TECHS
  • RES 4: 5200.00 Round number resistance
  • RES 3: 5151.00 High May 16 and the bull trigger
  • RES 2: 5132.00 High Jun 6
  • RES 1: 5087.00 High Jul 12
  • PRICE: 5057.00 @ 06:04 BST Jul 15
  • SUP 1: 4997.26 50-day EMA
  • SUP 2: 4903.00/4860.00 Low Jul 2 / Low Jun 14 and the bear trigger
  • SUP 3: 4846.00 Low Apr 19 and a key support
  • SUP 4: 4800.00 Round number support

A bull cycle in Eurostoxx 50 futures remains intact and Friday’s gains reinforce the current condition. 5039.84, 61.8% of the May 16 - Jun 14 sell-off, has been cleared. This has resulted in a print above 5082.32, the 76.4% retracement. A clear break of it would be a positive development and suggest scope for an extension of the bull cycle that started Jun 14. This would open 5132.00, Jun 6 high. Initial support is 4997.26, the 50-day EMA.

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