Eurostoxx : If We Continue Lower There Is A Little Support At 2919/16
Jason Sen | Oct 28, 2014 02:28AM ET
Euro Stoxx unexpectedly beat 3040/45 on the open to top at 3062. However this was quickly reversed & prices collapsed to good support at 2980/75. Yesterday's price action was quite negative & should signal the end of the recovery. We are overbought now & in a 2 month bear trend which I expect to dominate in to year end. Failure to beat immediate resistance at 3005/10 should trigger a move lower towards 2985/80 then important support at the 4 day low of 2966/62. Be ready to go with a break lower to target 2950/49 then 2935/30. If we continue lower there is a little support at 2919/16.
A break above 3010 is less negative for today at least & may allow a move towards 3038/43. Unlikely any higher but of course we have resistance at 3060/62 for yesterday's high. An unexpected break higher would target 3075/80. If we continue higher look for 3086/88. Exit longs here & try shorts up to strong resistance at 3100/05.
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