EUROSTOXX50 TECHS: (M5) Sights Are On Key Resistance
- RES 4: 5600.00 Round number resistance
- RES 3: 5565.23 1.618 proj of the Apr 7 - 9 - 10 price swing
- RES 2: 5516.00 High Mar 3 and the key bull trigger
- RES 1: 5475.00 High May 20
- PRICE: 5431.00 @ 07:01 BST May 23
- SUP 1: 5355.00 Low May 15
- SUP 2: 5302.55/5219.78 20- and 50-day EMA values
- SUP 3: 5142.00 Low May 2
- SUP 4: 5055.00 Low Apr 30
Eurostoxx 50 futures are holding on to their recent gains and a bullish theme remains intact. The contract is extending the recent breach of 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg, and maintains the sequence of higher highs and higher lows. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Key support to watch lies at 5219.78, the 50-day EMA. Clearance of this level would signal a possible reversal.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
NORWAY: Industrial Confidence Indicator Remained Expansionary In Q1
The Norwegian Q1 2025 industrial confidence indicator was 4.0, slightly below last quarter’s 5.3 but still above the historical average of 2.9. Taken alongside improving trends in industrial production growth in Jan/Feb and a still-expansionary manufacturing PMI, this suggests industry should be a positive contributor to Q1 GDP.
- Intermediate goods production was unchanged in Q1, while consumer and capital goods production increased. Employment increased across sectors, led by capital goods (largely a function of the supplier industry/oil and gas investments).
- New orders on the domestic and export market were unchanged on aggregate.
- Input and output price growth increased across sectors, but most strongly for consumer goods – which will feed most directly into goods CPI readings.
- Q1 capacity utilisation was 79%, marginally higher than in Q4 and just below the long term average of 80%.
- The general outlook for Q2 is positive, led by capital goods producers.
BRENT TECHS: (M5) Holding On To Its Recent Gains
- RES 4: $77.75 - High Jan 20
- RES 3: $76.26 - High Feb 20
- RES 2: $75.47 - High Apr 2 and a bull trigger
- RES 1: $69.85 - 50-day EMA
- PRICE: $68.15 @ 07:02 BST Apr 23
- SUP 1: $62.00/58.40 - Low Apr 10 / 9 and the bear trigger
- SUP 2: $58.85 - 2.000 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $56.89 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 4: $55.00 - Round number support
Brent futures are holding on to their recent gains and continue to trade above the Apr 9 low. For now, the latest bounce is considered corrective and this is allowing a recent oversold condition to unwind. The primary trend direction remains down and a resumption of weakness would open $56.89, a Fibonacci projection. On the upside, the next important resistance to monitor is at the 50-day EMA, at $69.85.
MNI: CORRECT: UK MAR CGNCR GBP21.05 BN
- CORRECT: UK MAR CGNCR GBP21.05 BN
