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(U4) Short-Term Gains Considered Corrective

EUROSTOXX50 TECHS


  • RES 4: 5087.00 High Jul 12 and a key resistance
  • RES 3: 5012.00 High Jul 16
  • RES 2: 4964.55/4980.00 50-day EMA 5132.00 / High Jul 23
  • RES 1: 4927.00 High Jul 24
  • PRICE: 4849.00 @ 06:21 BST Jul 30
  • SUP 1: 4793.00 Low Jul 25
  • SUP 2: 4762.00 Low Apr 19 (cont)
  • SUP 3: 4739.87 200-dma (cont)
  • SUP 4: 4679.00 1.50 proj of the Jun 6 - 14 - Jul 12 price swing

Eurostoxx 50 futures traded lower last Thursday, and a bearish threat remains present. The contract has traded through 4846.00, the Apr 19 low. A clear break of this level would pave the way for an extension towards 4739.87, the 200 day MA (cont). Moving average studies are in a bear-mode set-up, highlighting a downtrend. The latest bounce appears to be a correction. Initial firm resistance to watch is 4980.00, Jul 23 high.

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