Euro Stoxx 50 we wrote: through 2945 to target 2971/75 and 2995/99. All targets hit and we topped almost exactly here.
Today’s Analysis
Euro Stoxx severely overbought but no sell signal just yet. However running longs is therefore increasingly risky. Resistance at the recovery high of 3020. There’s higher resistance at 3050/70 which should be worth trying shorts for a swing trade – we’ll see if prices collapse from here.
Minor support at 2665/55 then a buying opportunity at 2930/26 with stops below 2915.
Trends
- Weekly outlook is negative
- Daily outlook is neutral
- Short Term outlook is neutral