After having spent most days last week putting in fresh lows for the week Stoxx50 still managed to close above the rising daily channel base. In saying that, bulls now need to see a close above the 3255.3 level to gain some breathing space and shift focus back to layers of resistance 3289.8-3325.5. The 100-DMA remains key support for now with a close below hinting at a deeper correction and below 3123.6 targeting 2014 lows.
RES 4: 3325.5 2014 High June 19
RES 3: 3302.9 High June 23
RES 2: 3289.8 Monthly high July 3
RES 1: 3255.3 Previous daily support now resistance
PREVIOUS CLOSE: 3235.0
SUP 1: 3192 7 100-DMA
SUP 2: 3161.4 55-DMA
SUP 3: 3142.0 200-DMA
SUP 4: 3123.6 Low Aug 25