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(Z3) Holding On To Its Recent Gains

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: 4362.00 @ 06:37 GMT Nov 28
  • SUP 1: 4283.10 20-day EMA
  • SUP 2: 4242.00 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 contract is trading closer to its recent highs. Moving average studies are in a bull-mode position signalling a rising cycle and the potential for a continuation higher. The recent breach of resistance at 4256.00, the Oct 12 high, reinforced the bullish theme. The focus is on 4388.00, the Aug 30 high. Initial firm support to watch is at 4283.10, the 20-day EMA.

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