An extremely volatile day Thursday saw Stoxx50 dip below the triangle base (3033.2) before bouncing aggressively and closing above the triangle top (3146.3). Immediate focus shifts to the key 3177.0 resistance level with bulls needing a close above to confirm a break to the topside and a shift in focus to the 3229.2-3278.6 region. The bounce sees a break higher more likely with bears needing a close below 3120.6 to ease bullish pressure.
RES 4: 3278.6 High Dec 5
RES 3: 3229.2 High Dec 9, Bollinger band top
RES 2: 3199.2 High Dec 10
RES 1: 3177.0 High Jan 2
LPREVIOUS CLOSE: 3157.2
SUP 1: 3120.6 Hourly support Jan 15
SUP 2: 3018.6 Low Jan 15
SUP 3: 2998.5 Low Jan 6
SUP 4: 2921.7 Monthly Low Dec 16
