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(Z1) Bearish Risk Remains Present

EUROSTOXX50 TECHS
  • RES 4: 4300.00 Round number resistance
  • RES 3: 4234.50 0.764 projection of the Jul 19 - Sep 6 - 20 price swing
  • RES 2: 4223.00 High Sep 6 and the bull trigger
  • RES 1: 4113.30/4200.50 50-day EMA / High Sep 24
  • PRICE: 4085.00 @ 05:48 BST Sep 30
  • SUP 1: 4030.50 Low Sep 28
  • SUP 2: 3974.00 Low Sep 20 and bear trigger
  • SUP 3: 3962.50 76.4% retracement of the Jul 19 - Sep 6 rally
  • SUP 4: 3941.50 Low Jul 21

EUROSTOXX 50 futures reversed sharply lower Tuesday removing a recent bullish theme. The move exposes key support at 3974.00, Sep 20 low and the bear trigger. Clearance of this level would reinstate a bear trend and signal scope for weakness towards 3962.50 and below, a retracement level. The contract needs to get above recent highs 4200.50, Sep 24 high to refocus attention on the Sep 6 key resistance at 4223.00.

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