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Euro Stoxx: Bulls Unable To Remain In Control After Positive Signals On Monday

Published 03/07/2018, 03:55 AM
Updated 07/09/2023, 06:31 AM

Euro Stoxx Weekly Chart

Euro Stoxx 50 bulls unable to remain in control after positive signals on Monday. You cannot fight the bear trend then. Below 3350 meets minor support at 3336/32 but below here targets 3325/22 and 3298/88. We know this is the most important support of the day week but longs look more risky here now after a weak bounce yesterday. A break and close below here will be the biggest sell signal since we collapsed below the 200 day moving average a month ago but is far more serious. We are talking potential crash conditions. A break below the February low at 3256 is obvious confirmation of the sell signal.

Holding 3350/53 allows a recovery to resistance at 3375/78. Bulls need a break above 3390 to target strong resistance at 3417/21. This is the main challenge for bulls this week.

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