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(Z3) Corrective Pullback

EUROSTOXX50 TECHS
  • RES 4: 4500.00 High 1
  • RES 3: 4446.00 High Aug 10
  • RES 2: 4407.40 76.4% retracement of the Jul 31 - Oct 27 bear leg
  • RES 1: 4388.00 High Aug 30
  • PRICE: 4352.00 @ 06:02 GMT Nov 29
  • SUP 1: 4290.00 20-day EMA
  • SUP 2: 4246.40 50-day EMA
  • SUP 3: 4185.00 Low Nov 9 and 10
  • SUP 4: 4143.00 Low Nov 8

A bullish theme in Eurostoxx 50 futures remains intact and the latest pullback appears to be a correction. The short-term trend condition is overbought and a move lower would allow this overbought reading to unwind. Moving average studies are in a bull-mode position signalling a rising cycle and the potential for a continuation higher. A resumption of gains would open 4388.00, the Aug 30 high. Initial firm support to watch is at 4290.00, the 20-day EMA.

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