Nov 05, 2013
EURO STOXX 50® Index: Eyeing 100-/200-Month MA's
The EURO STOXX 50® is pushing higher despite the bearish divergence signals on monthly stochastic study. Resistance now seen at 3086/3092.2, where former is the channel top from June 2012 and latter the 100-day moving average. Break above here puts focus on 3169.2/3213.5, which is the 50.0% decline from June 2007 to Mar 2009 move and the 200-month moving average, where risk is on a fade. Overall, the medium-term outlook remains constructive whilst above channel base hat is valued at 2642.7 and just above the 55- month moving average.
RES 3: 3243.7 Monthly low Aug 2008
RES 2: 3169.2/3213.3 50.0% of 4572.8 to 1765.5, 200-month MA
RES 1: 3086/3092.2 Channel top from June 2012, 100-month MA
SUP 1: 2739.8 200-day moving average
SUP 2: 2634.1 200-week MA
SUP 3: 2639.2/2642.7 55-month MA, Channel base from June 2012
SUP 4: 2494.5 July 2013 low
PREVIOUS CLOSE: 3054.16
