EUROSTOXX50 TECHS: (U5) Breaches MA Resistance Points
- RES 4: 5486.00 High May 20 and a key bull trigger
- RES 3: 5456.00 High Jun 11
- RES 2: 5403.00 High Jun 12
- RES 1: 5364.00 High Jun 16
- PRICE: 5336.00 @ 07:01 BST Jun 25
- SUP 1: 5194.00 Lo Jun 23 and a bear trigger
- SUP 2: 5182.00 Low May 2
- SUP 3: 5100.94 38.2% retracement of the Apr 7 - May 20 bull leg
- SUP 4: 5078.00 Low Apr 30
A short-term bear cycle in Eurostoxx 50 futures remains intact, however, the recovery from Monday’s low appears to be a potential reversal. The contract has traded above the 20- and 50-day EMAs. A clear break of both averages would strengthen a reversal theme and signal scope for a stronger recovery. This would open 5486.00, the May 20 high and bull trigger. On the downside, a breach of Monday’s 5194.00 low would reinstate a bearish theme.
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BTP TECHS: (M5) Remains Above The 50-Day EMA
- RES 4: 121.93 76.4% of the Dec 5 ‘24 - Mar 14 bear leg (cont)
- RES 3: 121.43 1.618 proj of the Mar 14 - Apr 4 - 9 price swing
- RES 2: 121.00 High Feb 7 (cont) and a key resistance
- RES 1: 120.72 High May 8 and the bull trigger
- PRICE: 120.23 @ Close May 23
- SUP 1: 119.29/00 50-day EMA / Low May 14
- SUP 2: 118.76/09 Low Apr 15 / 14
- SUP 3: 117.28 Low Apr 10
- SUP 4: 116.06 Low Apr 9
A bull cycle in BTP futures remains intact and recent weakness appears to have been a correction. Key support to watch lies at 119.29, the 50-day EMA. A clear break of the average would signal scope for a deeper retracement, and open 118.76 initially, the Apr 15 low. On the upside, key resistance and the bull trigger is at 120.72, the May 8 high. Clearance of this hurdle resumes the uptrend.
