Free Trial

(Z1) Bearish Threat Remains Present

EUROSTOXX50 TECHS
  • RES 4: 4223.00 High Sep and the bull trigger
  • RES 3: 4210.41 2.0% 10-dma envelope
  • RES 2: 4184.00 High Sep 17
  • RES 1: 4102.50 High Sep 20
  • PRICE: 4072.00 @ 05:40 BST Sep 22
  • SUP 1: 3974.00 Low Sep20
  • SUP 2: 3962.50 76.4% retracement of the Jul 19 - Sep 6 rally
  • SUP 3: 3941.50 Low Jul 21
  • SUP 4: 3882.00 Low Jul 19 and a key support

EUROSTOXX 50 futures started the week on a soft and despite recent gains, a bearish threat remains present. The contract Monday cleared 4060.50, Aug 19 low strengthening a S/T bearish cycle. This follows Friday's move below 4104.50, Sep 9 low that confirmed a bearish price sequence of lower lows and lower highs. Scope is for weakness towards 3962.50 next, a Fibonacci retracement. Initial resistance is seen at 4102.50, Sep 20 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.