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(Z3) Corrective Cycle

EUROSTOXX50 TECHS
  • RES 4: 4388.00 High Aug 30 and reversal trigger
  • RES 3: 4359.00 High Sep 15 and key resistance
  • RES 2: 4295.10 50-day EMA
  • RES 1: 4245.60 20-day EMA
  • PRICE: 4206.00 @ 05:38 BST Oct 2
  • SUP 1: 4128.00 Low Sep 27 and the bear trigger
  • SUP 2: 4109.90 1.236 proj of the Aug 10 - 18 - 30 price swing
  • SUP 3: 4095.00 Low Mar 28 (cont)
  • SUP 4: 4055.40 76.4% retracement of the Mar 20 - Jul 31 bull cycle

Eurostoxx 50 futures trend conditions remain bearish and the latest bounce is considered corrective. Last week’s extension lower reinforces the current trend condition and key support at 4210.00, the Sep 8 low, has been breached. The clear break confirmed a resumption of the downtrend that started late July and opens 4109.90, a Fibonacci projection. Initial firm resistance is at 4245.60, the 20-day EMA.

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