Following last week’s solid gains Stoxx50 continues to hesitate ahead of initial resistance. O/B daily studies remain a concern for bulls with bears now looking for a close below 3255.3 to confirm an easing of bullish pressure and below the 100-DMA needed to hint at a deeper correction. While the 100-DMA supports bulls hold out hope for fresh 2014 highs with a close above 3289.8 needed to provide some breathing room.
RES 4: 3342.5 Weekly Bollinger band top
RES 3: 3325.5 2014 High June 19
RES 2: 3302.9 High June 23
RES 1: 3289.8 Monthly high July 3
PREVIOUS CLOSE: 3267.4
SUP 1: 3255.3 Low Sept 5
SUP 2: 3246.9 Hourly support Sept 4
SUP 3: 3190.2 100-DMA
SUP 4: 3162.1 55-DMA