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(M2) Bearish Risk Still Present


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(Z1) Is Back Above Key EMAs

  • RES 4: 4461.00 1.50 proj of the Jul 19 - Sep 6 - Oct 6 price swing
  • RES 3: 4420.80 1.382 proj of the Jul 19 - Sep 6 - Oct 6 price swing
  • RES 2: 4409.50 High Nov 18 and the bull trigger
  • RES 1: 4311.70 76.4% retracement of the Nov 18 - 30 downleg
  • PRICE: 4272.00 @ 05:40 GMT Dec 8
  • SUP 1: 4137.00 Intraday low
  • SUP 2: 4053.50/3995.00 Low Dec 3 / Low Nov 30
  • SUP 2: 3949.50 Low Oct 6 and bear trigger3:
  • SUP 4: 3882.00 Low Jul 19

EUROSTOXX 50 futures rallied sharply higher yesterday. The contract has breached resistance at 4186.00, the Dec 1 high and price has traded through both the 20- and 50-day EMAs. The focus is on 4311.70, the 76.4% retracement of the recent downleg between Nov 18 - 30. A break of this level would open 4409.50, the Nov 18 high and key resistance. Yesterday’s low of 4137.00 marks initial support. The key support lies at 3995.00, Nov 30 low.

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