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(U4) Watching Support

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: 4994.76/5087.00 50-day EMA / High Jul 12
  • PRICE: 4920.00 @ 06:09 BST Jul 18
  • SUP 1: 4903..00 Low Jul 2
  • SUP 2: 4860.00 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. However, the move lower this week does undermine this theme. Price has traded through the 50-day EMA, exposing the next support at 4903.00, the Jul 2 low. Clearance of this level would expose 4846.00, the Apr 19 low and a key reversal point. For bulls, a move higher and a break of 5087.00, the Jul 12 high, would again highlight a bullish theme.

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