Failure of Stoxx50 to retest the 2015 high following Thursday’s bounce combined with O/B daily studies and a relatively bearish close Friday are key concerns for bears. Bulls continue to look for a close below 3326.4 to confirm an easing of bullish pressure and shift focus back to the 3144.1-3207.3 region where key DMAs remain clustered. Bulls need fresh 2015 highs to reconfirm a bullish bias and target 3550.4.
RES 4: 3550.4 Weekly trend line extension (Nov 2013-Feb)
RES 3: 3456.8 Monthly High Aug 2008
RES 2: 3419.7 Weekly trend line extension (June-Feb)
RES 1: 3417.5 2015 High Jan 23
PREVIOUS CLOSE: 3351.4
SUP 1: 3326.4 Low Jan 29
SUP 2: 3261.8 Low Jan 22
SUP 3: 3257.4 38.2% Fibonacci retracement 2998.5-3417.5
SUP 4: 3208.0 50.0% Fibonacci retracement 2998.5-3417.5
