The Stoxx50 oscillated around the Bollinger band base Thursday (3054.0) on its way to fresh 2 month lows with the initial bearish target in the 2971.5-2977.5 region just below. Bulls now need a close above 3106.4 to confirm an easing of bearish pressure and above 3169.9 to target 2014 highs. Below 2971.5 sees focus shift to the 2014 low at 2944.1 set in Jan. O/S studies and the Bollinger band base remain key concerns for bears.
RES 4: 3169.9 High Oct 6
RES 3: 3128.9 High Oct 7
RES 2: 3106.4 Previous daily support now resistance
RES 1: 3090.4 High Oct 9
PREVIOUS CLOSE: 3042.2
SUP 1: 3028.3 Low Oct 9
SUP 2: 3017.6 Low Aug 12
SUP 3: 2977.5 Monthly Low Aug 8
SUP 4: 2971.5 Monthly Low Mar 14