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(Z3) Corrective Bounce Extends

EUROSTOXX50 TECHS
  • RES 4: 4388.00 High Aug 30 and reversal trigger
  • RES 3: 4359.00 High Sep 15 and key resistance
  • RES 2: 4257.70 50-day EMA
  • RES 1: 4252.00 High Oct 12
  • PRICE: 4236.0 @ 08:37 BST Oct 12
  • SUP 1: 4082.00 Low Oct 4
  • SUP 2: 4055.40 76.4% retracement of the Mar 20 - Jul 31 bull cycle
  • SUP 3: 4034.00 Low Mar 24 (cont)
  • SUP 4: 4000.00 Psychological round number

Eurostoxx 50 futures continue to push back against the recent bearish trend condition. Friday’s rally and the follow through early this week is, for now, deemed corrective in nature. Signs of further strength and a bottoming of prices would follow a break back above the 50-day EMA - a key level on Thursday at 4257.70. A break of this average would signal a possible short-term base, opening levels last seen in mid-September.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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