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(Z2) Corrective Bounce

EUROSTOXX50 TECHS
  • RES 4: 3810.00 High Aug 17 and key resistance zone
  • RES 3: 3753.00 High Aug 19
  • RES 2: 3692.00 High Aug 26
  • RES 1: 3559.10/3678.00 20-day EMA / High Sep 13 and bull trigger
  • PRICE: 3513.00 @ 05:40 BST Sep 20
  • SUP 1: 3443.00/3423.00 Low Sep 19 / Low Sep 5 and bear trigger
  • SUP 2: 3360.00 Low Jul 16
  • SUP 3: 3341.00 Low Jul 5
  • SUP 4: 3300.00 Round number support

EUROSTOXX 50 futures remain soft following the reversal last week from 3678.00, the Jun 13 high. Yesterday’s recovery from the day low is considered corrective. A resumption of weakness would refocus attention on a key short-term support at 3423.00, the Sep 5 low. Clearance of this level would strengthen bearish conditions. 3678.00 is the short-term bull trigger where a break would reinstate a bullish theme.

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