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(U4) Bull Cycle Remains In Play

EUROSTOXX50 TECHS
  • RES 4: 5151.00 High May 16 and the bull trigger
  • RES 3: 5132.00 High Jun 6
  • RES 2: 5082.32 76.4% retracement of the May 16 - Jun 14 sell-off
  • RES 1: 5057.00 High Jul 8
  • PRICE: 5011.00 @ 06:05 BST Jul 8
  • SUP 1: 4903.00/4860.00 Low Jul 2 / Low Jun 14 and the bear trigger
  • SUP 2: 4846.00 Low Apr 19 and a key support
  • SUP 3: 4800.00 Round number support
  • SUP 4: 4785.40 2.236 proj of the May 16 - Jun 4 - 6 price swing

Eurostoxx 50 futures traded higher last week. Attention is on resistance at 5039.84, the 61.8% retracement of the May 16 - Jun 14 sell-off. It was pierced Friday, 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 5082.32, the 76.4% retracement point. On the downside, a reversal would refocus attention on 4846.00, Apr 19 low and a key support.

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