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(Z1) Corrective Pullback Extends

  • 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: 4313.00 @ 05:46 GMT Nov 23
  • SUP 1: 4280.00 Low Nov 3
  • SUP 2: 4231.60/4223.00 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 started the week on a softer note as the contract pulled away from recent highs. The S/T move lower is considered corrective and is allowing a recent overbought condition to unwind. The next support at 4314.50, the 20-day EMA, is being challenged. A break would signal potential for a deeper decline and open the 50-day EMA at 4231.60. The bull trigger is the recent 4409.50 high. A break would resume the uptrend.

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