EUROSTOXX50 TECHS: (Z5) Support Remains Intact
- RES 4: 5815.00 Bull channel top drawn from the Aug 1 low
- RES 3: 5800.00 Round number resistance
- RES 2: 5777.41 1.382 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 1: 5742.00 High Oct 29 and the bull trigger
- PRICE: 5639.00 @ 06:32 GMT Nov 5
- SUP 1: 5675.00 Intraday low
- SUP 2: 5571.03 50-day EMA
- SUP 3: 5555.00 Bear channel base drawn from the Aug 1 low
- SUP 4: 5497.00 Low Oct 14
Recent weakness in Eurostoxx 50 futures appears to have been corrective. The contract has found support ahead of the 50-day EMA, at 5571.03. Support below the EMA lies at 5555.00, the base of a bull channel drawn from the Aug 1 low. A breach of this level and the 50-day EMA, is required to highlight a stronger reversal. Sights are on resistance and the bull trigger is 5742.00, the Oct 29 high.
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GILTS: Opening Calls
Gilt Calls, 90.74/90.80.
GILT TECHS: (Z5) Bearish Outlook
- RES 4: 92.30 High Aug 7
- RES 3: 92.06 High Aug 14
- RES 2: 92.00 Round number resistance
- RES 1: 91.28/82 High Sep 24 / 11
- PRICE: 90.94 @ Close Oct 3
- SUP 1: 90.26/89.94 Low Sep 26 / 76.4% of the Sep 3 - 11 correction
- SUP 2: 90.31/89.36 Low Sep 4 / 3
- SUP 3: 89.36 Low Sep 3
- SUP 4: 89.22 1.618 proj of the Aug 21 - 27 - 28 price swing
Gilt futures continue to trade above their latest lows. Recent weakness strengthens a bearish theme and does suggest the end of the corrective phase between Sep 3 - 11. Note that on the continuation chart, moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of weakness would open 89.94, a Fibonacci retracement. Initial resistance to watch is 91.28, the Sep 24 high.
