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(Z3) Bearish Outlook

EUROSTOXX50 TECHS
  • RES 4: 4359.00 High Sep 15 and key resistance
  • RES 3: 4300.00 Round number resistance
  • RES 2: 4216.40/4256.00 50-day EMA / High Oct 12
  • RES 1: 4148.00 20-day EMA
  • PRICE: 4081.00 @ 06:16 BST Oct 25
  • SUP 1: 4006.00 Low Oct 23
  • SUP 2: 3979.00 1.00 proj of the Sep 15 - Oct 4 - Oct 12 price swing
  • SUP 3: 3914.00 Low Mar 20 (cont)
  • SUP 4: 3873.20 1.382 proj of the Sep 15 - Oct 4 - Oct 12 price swing

A bearish theme in Eurostoxx 50 futures remains in play and last week’s extension lower reinforces current conditions. Support at 4082.00, the Oct 4 low and a bear trigger, has been cleared. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on the 4000.00 handle. Initial firm resistance is at 4148.00, the 20-day EMA.

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