EuroSTOXX 50 Future Bull Bias Through 3090 And 3113
Steve Miley | Nov 06, 2014 05:10AM ET
Euro Stoxx 50: European benchmark bullish risks
After the Tuesday close of the Friday bull gap (3054-42), we stated in our last report to clients that “we now look for recovery support at 3010 to try to hold and certainly the trend line (now at 2992) as a platform ahead of the key 2954 swing low”.
The expected bounce to the setback range has already overcome 3077 to aim above 3090 next.
Looking into mid-November, likely late this week, we still see the bias higher through the 3113 peak to 3132 on the way to a key chart/ retrace area at 3177/81 (for mid-month).
WHAT CHANGES THIS?
Below 3018 eases bull risks; through 2954 signals a neutral tone, only shifting negative below 2896.
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