Euro STOXX 50 Future Firm Bounce Aims Up To 3269/72, Maybe 3290/91
Steve Miley | Sep 11, 2014 03:33AM ET
European benchmark recovery theme and bull pressures to resurface
A further dip to nudge through the trend line of support from mid-August (3235), but the subsequent bounce as expected, signal a resurfacing of bull risks for this week and through mid-month.
The strong rally of the DJ Euro Stoxx 50 from August that overcame important barriers at 3213/25 favours a better bounce from the trend line back to modest resistance at 3269/72 this week, maybe today.
We still see risk for a bullish extension, through 3291 and for a challenge to the cycle high at 3322 through mid-month.
Extension objectives are at 3342, 3359 and 3373.
WHAT CHANGES THIS?
Below 3201 eases bull risks; through 3167 signals a neutral tone, only shifting negative below 3137.
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