Stoxx50 recovered from Tuesday’s correction lower towards the 21-DMA with a bounce and relatively bullish close Wednesday that sees immediate pressure return to initial resistance. Layers of resistance remain in the 3098.2-3169.9 region with bulls needing a close above 3098.2 to confirm bullish pressure and above 3169.9 to confirm breaks of key DMAs and target 2014 highs. Bears need a close below the 21-DMA to target 2014 lows.
RES 4: 3259.2 High Sept 25
RES 3: 3169.9 High Oct 96
RES 2: 3129.8 55-DMA
RES 1: 3098.2 High Nov 5
PREVIOUS CLOSE: 3091.3
SUP 1: 3028.3 Low Nov 4
SUP 2: 3010.6 21-DMA
SUP 3: 2965.6 Low Oct 30
SUP 4: 2906.0 Low Oct 21