Bears take comfort in the dramatic sell-off following the pause ahead of 2014 highs and the channel top. The move lower saw Stoxx50 close below the 21-DMA (3173.9) with focus now on key DMAs and the rising daily channel base. Bears look for a close below the 55-DMA to hint at a move lower that targets the 2014 low with below 3075.6 confirming. Bulls now need a close above 3232.4 to reconfirm bullish focus and target 3302.9-3324.4.
RES 4: 3324.4 Rising daily channel top
RES 3: 3302.9 2014 High Sept 19
RES 2: 3278.6 High Dec 5
RES 1: 3232.4 Hourly support Dec 5 now resistance
PREVIOUS CLOSE: 3162.7
SUP 1: 3158.9 200-DMA
SUP 2: 3152.3 Rising daily channel base
SUP 3: 3130.4 100-DMA
SUP 4: 3106.9 55-DMA
