Stoxx50 has now broken the rising daily channel base with initial support noted at Thursday’s 3216.3 low. Bears now need a close below 3216.3 to confirm an easing of bullish pressure and hint at a deeper correction that targets the 3123.6-3143.4 region where the 200-DMA is located. Initial resistance remains at 3255.3 with bulls needing a close above to reconfirm bullish pressure and shift overall focus back to 2014 highs.
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: 3231.5
SUP 1: 3216.3 Low Sept 11
SUP 2: 3193 4 100-DMA
SUP 3: 3161.5 55-DMA
SUP 4: 3143.4 200-DMA