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(Z3) Sights Are On The Bear Trigger

EUROSTOXX50 TECHS
  • RES 4: 4359.00 High Sep 15 and key resistance
  • RES 3: 4300.00 Round number resistance
  • RES 2: 4241.70/4256.00 50-day EMA / High Oct 12
  • RES 1: 4186.60 20-day EMA
  • PRICE: 4101.00 @ 06:33 BST Oct 19
  • SUP 1: 4082.00 Low Oct 4 and the bear trigger
  • 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

A bearish theme in Eurostoxx 50 futures remains in play and this week’s move signals the end of the recent Oct 4 - 12 corrective cycle. Note too that resistance at the 50-day EMA, at 4241.70, remains intact. A clear break of this average is required to signal scope for a stronger correction. Sights are on the bear trigger at 4082.00, the Oct 4 low. Clearance of this level would confirm a resumption of the downtrend.

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