Last week’s break of the triangle top has now resulted in fresh 2015 and 6+ year highs for Stoxx50 with the index having traded at the highest level since Sept 2008. Focus now shifts to the 3456.8-3612.3 region with the weekly trend line extension noted at 3537.5. Bears need a close below 3261.8 to ease bullish pressure and to shift focus back to layers of support in the 3120.6-3177.0 region where key DMAs are located.
RES 4: 3537.5 Weekly trend line extension
RES 3: 3456.8 Monthly High Aug 2008
RES 2: 3354.0 Weekly Bollinger band top
RES 1: 3332.5 2015 High Jan 22
PREVIOUS CLOSE: 3322.5
SUP 1: 3261.8 Low Jan 22
SUP 2: 3198.4 Low Jan 19
SUP 3: 3177.0 High Jan 2 now support
SUP 4: 3120.6 Hourly support Jan 15
