Euro Stoxx Trading Sideways To Allow Overbought Conditions To Continue
Jason Sen | Apr 27, 2016 05:28AM ET
Euro Stoxx held first support at 3049/45 but below here the 100dma and 200wma at 3030/20 is the most important support of the week. Longs need stops below 3005. A break below 3005 today targets 2995/92 then support at 2973/71.
Holding above 3045/49 means we could retest important longer term Fibonacci resistance at 3090. We also meet 3 year trend line resistance at 3100/05 this week so this 15 tick area is the main challenge for bulls. We are severely overbought so this may prove unbeatable again this week. However a break above 3110 targets March highs and December lows at 3130/33.
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