Market Overview

Technical Forecast for Eurostoxx

Technical Forecast for Eurostoxx
Euro Stoxx Sep13 made a move towards very strong resistance at 2709/12 for a selling opportunity as we topped just below at 2705. We may get a second chance at this level today & would be looking for a top now to the 3 week recovery. Use stops on shorts above 2720 for 2733/34.
If we do see an end to the rally today we have the makings of the longer term head & shoulders top we talked about earlier in the week. More on that next week.
Support at 2668 was tested & held perfectly. A break lower today sees a test of the 100 day moving average at 2660/55 with a low for the day very possible. However any longs need stops below 2646 for 2634 then very strong support at 2626/23 for a buying opportunity today.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas


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