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Euro STOXX 50 Future Set For A More Bearish Shift Through 3165

Published 09/29/2014, 02:52 AM
Updated 12/12/2023, 05:55 AM

European benchmark poised for a more negative signal

The Thursday plunge back from ahead of 3263 from 3247/49 resistance, to pierce the up trend line from August leaves risk for a deeper correction through late September.

A minor bounce Friday was capped buy modest resistance at 3227, to leave risk back lower early this week.

We see bias for a test to the lower end of the range defined by chart resistance 3263 and 3165 retrace support.

The skewed bias is for a break below 3165 for a bear shift (see below).

WHAT CHANGES THIS?

Downside: Below 3165 sees risk lower for 3152/3142 and better support, 3122.

Upside: Back through 3263 aims back above the recent 3293 peak to aim for the 3307 high and maybe weekly continuation chart high 3327.

Download full report, levels & screencast here:

 Euro STOXX 50 December Future Adjusted Continuation Daily Chart

 Euro STOXX 50 December Future 4 Hour Chart

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