(Z3) Trend Needle Points South

• RES 4: 4388.00 High Aug 30 and reversal trigger
• RES 3: 4359.00 High Sep 15 and key resistance
• RES 2: 4276.80 50-day EMA
• RES 1: 4216.30 20-day EMA
• PRICE: 4141.00 @ 06:51 BST Oct 5
• 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 trend conditions remain bearish and short-term gains appear to be corrective. The contract has traded below 4128.00, the Sep 27 low. This confirms a resumption of the downtrend that started late July and signals scope for a move towards 4055.40, a Fibonacci retracement point. Initial firm resistance is at 4216.30, the 20-day EMA. A break of this average would signal a possible short-term base.