August 14, 2024 05:47 GMT
(U4) Recent Gains Appear To Be Corrective
EUROSTOXX50 TECHS
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
- RES 4: 5087.00 High Jul 12
- RES 3: 4951.00 High Jul 31
- RES 2: 4873.36 50-day EMA
- RES 1: 4777.62 20-day EMA
- PRICE: 4729.00 @ 06:31 BST Aug 14
- SUP 1: 4494.00 Low Aug 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. The sell-off between Aug 1 - 5, reinforced the bearish condition. A key support at 4846.00, the Apr 19 low, has been cleared. This highlights a stronger reversal and opens 4478.81 next, a Fibonacci projection. Firm resistance is 4873.36, the 50-day EMA. First resistance is 4777.62, the 20-day EMA.
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