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(U4) Corrective Recovery Extends

EUROSTOXX50 TECHS
  • RES 4: 5087.00 High Jul 12
  • RES 3: 4951.00 High Jul 31
  • RES 2: 4868.21 50-day EMA
  • RES 1: 4774.23 20-day EMA
  • PRICE: 4760.00 @ 06:14 BST Aug 15
  • SUP 1: 4614.00/4494.00 Low Aug 8 / 5 and the bear trigger
  • 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 latest climb appears to be a correction - for now. Attention is on first resistance at 4774.23, the 20-day EMA. A break of this hurdle would signal scope for a stronger retracement, towards key resistance at the 50-day EMA, at 4868.21. For bears, a reversal lower would signal the end of the correction and refocus attention on the bear trigger at 4494.00, the Aug 5 low.

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