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(Z1) Trades Through Key Support

EUROSTOXX50 TECHS
  • RES 4: 4300.00 Round number resistance
  • RES 3: 4234.50 0.764 projection of the Jul 19 - Sep 6 - 20 price swing
  • RES 2: 4223.00 High Sep 6 and the bull trigger
  • RES 1: 4106.70/4200.50 50-day EMA / High Sep 24
  • PRICE: 4021.50 @ 05:59 BST Oct 4
  • SUP 1: 3961.50 Low Oct 1
  • SUP 2: 3962.50 76.4% retracement of the Jul 19 - Sep 6 rally
  • SUP 3: 3951.50 1.00 proj of the Sep 6 - Sep 20 - Sep 24 price swing
  • SUP 4: 3892.70 1.236 proj of the Sep 6 - Sep 20 - Sep 24 price swing

EUROSTOXX 50 future sold off sharply last week and the contract maintains a bearish tone. The move lower resulted in a breach on Friday of 3974.00, Sep 20 low although support was found at the session low. A clear break of this level would strengthen a bearish case and open 3951.50 and below, a Fibonacci extension. The contract needs to get above 4200.50, Sep 24 high to refocus attention on the Sep 6 key resistance of 4223.00.

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