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(Z3) Continues To Climb

  • RES 4: 4561.00 2.00 proj of the Oct 27 - Nov 3 - 8 price swing
  • RES 3: 4533.00 High Jul 31
  • RES 2: 4500.00 High Aug 10
  • RES 1: 4476.00 Intraday high
  • PRICE: 4469.00 @ 06:38 GMT Dec 6
  • SUP 1: 4340.50 20-day EMA
  • SUP 2: 4277.10 50-day EMA
  • SUP 3: 4238.00 Low Nov 14
  • SUP 4: 4185.00 Low Nov 9 and 10

A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading higher this week. Last week, resistance at 4387.00, Nov 24 high, was breached. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4533.00, the Jul 31 high. Initial firm support to watch is at 4340.50, the 20-day EMA.

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