Euro Stoxx: Bulls Unable To Remain In Control After Positive Signals On Monday
Jason Sen | Mar 07, 2018 03:55AM ET
Euro Stoxx 50 bulls unable to remain in control after positive signals on Monday. You cannot fight the bear trend then. Below 3350 meets minor support at 3336/32 but below here targets 3325/22 and 3298/88. We know this is the most important support of the day week but longs look more risky here now after a weak bounce yesterday. A break and close below here will be the biggest sell signal since we collapsed below the 200 day moving average a month ago but is far more serious. We are talking potential crash conditions. A break below the February low at 3256 is obvious confirmation of the sell signal.
Holding 3350/53 allows a recovery to resistance at 3375/78. Bulls need a break above 3390 to target strong resistance at 3417/21. This is the main challenge for bulls this week.
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