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(Z1) Finds Support Ahead Of The 50-Day EMA

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 and the bull trigger
  • PRICE: 4298.50 @ 05:55 GMT Nov 25
  • SUP 1: 4236.50/35.50 Low Nov 25 / 50-day EMA
  • SUP 2: 4223.00 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 traded lower yesterday. The contract however has managed to find support just ahead of the 50-day EMA, at 4235.50 today. This average marks a key support parameter and a breach of it is required to signal the next leg lower. For now, yesterday's recovery is encouraging for bulls and the low of 4236.50 does suggest a potential short-term base. A continued recovery would open 4409.50, the Nov 18 high.

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