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Eurostoxx 50 Forecast: Break Above 3120/25 Longer-Term Buy Signal

Published 09/30/2015, 01:54 AM
Updated 07/09/2023, 06:31 AM

EuroStoxx Technicals

Euro Stoxx 50 outlook neutral/positive. Holding above 3020 targets first resistance at 3050/55. We should struggle here again today but be ready to buy a break above 3060 to target 3075 then quite strong resistance at 3100/05. A good chance of a high for the day but the the main challenge for bulls this week is now strong resistance at 3120/25. Therefore a break above here is a longer term buy signal.

Below 3020 risks a slide to 2985, perhaps as far as a retest of 2970. From here all the way down to August lows at 2951 is obviously extremely important. A DAILY CLOSE below is obviously negative for this week & targets 200 week moving average at 2900/2898.

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