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(Z1) Corrective Pullback

EUROSTOXX50 TECHS
  • RES 4: 4498.00 High Dec 27, 2007 (cont)
  • RES 3: 4448.00 High Jan 2, 2008 (cont)
  • RES 2: 4420.80 1.382 proj of the Jul 19 - Sep 6 - Oct 6 price swing
  • RES 1: 4409.50 High Nov 18
  • PRICE: 4360.00 @ 05:51 GMT Nov 22
  • SUP 1: 4311.70 20-day EMA
  • SUP 2: 4227.10/4223.00 50-day EMA / High Sep 6
  • SUP 3: 4119.00 Low Oct 18
  • SUP 4: 4004.00 / 3949.50 Low Oct 12 / Low Oct 6 and bear trigger

EUROSTOXX 50 futures trade lower Friday. S/T pullbacks are considered corrective however and the underlying uptrend remains intact. Moving average signals still point north and the recent breach of 4223.00, Sep 6 high and a former bull trigger, highlights the bullish theme. The psychological 4400.00 handle has recently been probed and the focus is on 4420.80 next, a Fibonacci projection. Initial support lies at 4311.70, the 20-day EMA.

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