Euro Stoxx 50 beat strong resistance at 2530/50 for a buy signal targeting 2600 & 2630/45…we topped exactly here and have crashed back towards last week’s lows.
Euro Stoxx has the crash low at 2243/33 and equivalent June contract low at 2170/50. On further losses look for 2135/25 and 2090/80.
The overnight high as I write is 2310. Gains are likely to be limited but a break higher offers the chance to fill the gap at resistance at 2378/88. Bulls need a break above 2430 to target 2660/80 and 2500/20. Minor resistance at 2550/60 then a selling opportunity at 2580/90, with stops above 2620.
Trends
- Weekly outlook is negative
- Daily outlook is negative
- Short Term outlook is negative