Makor - Tech View Euro Stoxx 50 Index (3,600 last) - sustain move above 3,600 targets 3,691-3,714, buy dips to 3,554
2015-08-03 06:45:35.35 GMT
Technical Research – Euro Stoxx Index (3,600)
•The Index has been consolidating for 2 consecutive days above the 55dma which
stands at 3,554 and it seems to be only a matter of time before we move higher
into another attempt to breakout above the horizontal resistance level at
3,691-3,714.
•Support for today is the 55dma at 3,554 and resistance is 3,600, a sustain
break above 3,600 would argue for a move towards 3,691-3,714 and a break above
the later opens 3,836 which is the 2015 cycle high.
•On the monthly scale, the index posted a bullish outside month which it-self
argues for a move higher as long as above July low which is 3,291
•Note, On July 16th the Index broke back above 3,651 & negated the path of
lower highs which was established on the chart since the correction lower the
3,836 cycle high made on April 13th, this is a bullish development. Also, from
an Elliot Wave perspective the recent setup favors one more leg higher (a wave
5) which should minimum target a re-test of the 3,836 cycle high if not above
it.
Strategy: Long from 3,565, target 3,690 with a stop loss on a close below 3,513
Support: 3,554 (55dma), 3,513 (last week low), 3,484 & 3,433-74 (open gap)
Resistance: 3,600, 3,691-3,714 & 3,836
Please find PDF Attached
Contributed via: Bloomberg Publisher WEB Service
Provider ID: 5c524f5f167c40cb8db642ac683d0649
-0- Aug/03/2015 06:45 GMT
2015-08-03 06:45:35.35 GMT
Technical Research – Euro Stoxx Index (3,600)
•The Index has been consolidating for 2 consecutive days above the 55dma which
stands at 3,554 and it seems to be only a matter of time before we move higher
into another attempt to breakout above the horizontal resistance level at
3,691-3,714.
•Support for today is the 55dma at 3,554 and resistance is 3,600, a sustain
break above 3,600 would argue for a move towards 3,691-3,714 and a break above
the later opens 3,836 which is the 2015 cycle high.
•On the monthly scale, the index posted a bullish outside month which it-self
argues for a move higher as long as above July low which is 3,291
•Note, On July 16th the Index broke back above 3,651 & negated the path of
lower highs which was established on the chart since the correction lower the
3,836 cycle high made on April 13th, this is a bullish development. Also, from
an Elliot Wave perspective the recent setup favors one more leg higher (a wave
5) which should minimum target a re-test of the 3,836 cycle high if not above
it.
Strategy: Long from 3,565, target 3,690 with a stop loss on a close below 3,513
Support: 3,554 (55dma), 3,513 (last week low), 3,484 & 3,433-74 (open gap)
Resistance: 3,600, 3,691-3,714 & 3,836
Please find PDF Attached
Contributed via: Bloomberg Publisher WEB Service
Provider ID: 5c524f5f167c40cb8db642ac683d0649
-0- Aug/03/2015 06:45 GMT