Euro STOXX 50 Recovery Effort To Find Resistance In 3212/25 Area
Steve Miley | Aug 27, 2014 02:47AM ET
European benchmark rebound at risk of correction
As expected, a further rally Tuesday to reverse the down trend line from, late June and also push through 3168 and 3192 resistance (the higher we had looked to try to cap).
We now see risk for a challenge to more notable upside barriers at 3213 and 3225; a move above the higher would negate any remnant bear pressures from the June-August topping and shift to a more bullish theme.
For now though, we still look for a cap here, and for a roll back lower towards 3151, maybe 3116.
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