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(Z2) Trend Needle Still Points South

EUROSTOXX50 TECHS
  • RES 4: 3753.00 High Aug 19
  • RES 3: 3692.00 High Aug 26
  • RES 2: 3678.00 High Sep 13 and bull trigger
  • RES 1: 3467.00/3537.70 20-day EMA / 50-day EMA
  • PRICE: 3354.00 @ 05:43 BST Sep 29
  • SUP 1: 3229.00 Low Nov 9 2020 (cont)
  • SUP 2: 3163.00 Low Nov 6 2020
  • SUP 3: 3143.20 1.382 proj of the Aug 17 - Sep 5 - 13 price swing
  • SUP 4: 3100.00 Round number support

EUROSTOXX 50 futures trend conditions remain bearish despite yesterday’s recovery - gains are considered corrective. This week’s fresh cycle lows mark an extension of the reversal on Sep 13 from 3678.00. Key short-term support at 3423.00, the Sep 5 low, has been cleared, The break strengthens bearish conditions and has led to a breach of 3341.00, the Jul 5 low, The focus is on 3229.00 next, the Nov 9 2020 low (cont). Resistance is at 3467.00.

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