The recent run of higher daily highs came to an end Wednesday as Stoxx50 managed an inside day and consolidated at the upper end of the weekly range so far but focus remains on the weekly trend line extension. Initial support remains at last week’s high (3495.3) with bears needing a close below to ease bullish pressure and shift focus back to the key 3381.3-3439.2 region where the 21-DMA is located. Key concerns for bulls come from Bollinger band tops.
RES 4: 3790.5 High May 30 2008
RES 3: 3583.6 High June 17 2008
RES 2: 3571.7 Rising weekly trend line extension
RES 1: 3555.3 2015 High Feb 24
PREVIOUS CLOSE: 3541.7
SUP 1: 3495.3 High Feb 19 now support
SUP 2: 3439.2 Low Feb 19
SUP 3: 3427.8 21-DMA
SUP 4: 3381.3 Low Feb 17
