Euro STOXX 50 Bear Bias Reinforced
Steve Miley | Jul 16, 2014 03:12AM ET
European benchmark again targets 3126 retrace this week, possibly 3090/85 and 3073
A roll back lower to the rebounds range in the Euro Stoxx 50 as expected, having stated in our last report that “whilst capped by the better swing high barrier at 3212, we see downside risk intact into midweek”.
We look for a cap at 3212 and now likely 3190 this week and for a renewal bearish pressures evident since the push below the 3207 late June low, the retrace at 3200 and bull gap at 3196-92.
The plunge through these supports leaves the threat back through 3141, then to the 61.8% retrace at 3126 through midweek.
Below 3126 aims for 3090/85 and 3073 targets.
WHAT CHANGES THIS?
Above 3190 eases bear risks; through 3239 signals a neutral tone, only shifting positive above 3291.
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