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Eurostoxx - 2373/67 is a very good buying opportunity

Published 10/28/2011, 07:10 AM
Updated 07/09/2023, 06:32 AM
MAR
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Eurostoxx:

Eurostoxx rocketed through 2420 breaking 2478 eventually to reach 2502.

This a 50% retracement of the whole move down from 3080, the high of the year and the high of the rally from Mar 2009. You may remember this was actually the potential target we gave when we spotted the market bottoming a month ago, although last week I was not sure it could stretch this far. This level should be very tough to break today
bearing in mind the over bought position. Above here we have Fibonacci resistance at 2522. and then the 200 day moving average at 2539.

Below 2479/76 we look for a test of 2461 and failure here sees 2446 and then 2432/31. Go with a break below 2422 for 2408/00. This is very good support today but if this fails we should see 2388/84 and then 2373/67 is a very good buying opportunity.

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