Makor - Tech View Euro Stoxx 50 Index (3,676 last) - caution below 3,691-3,714, buy dips to 3,513
2015-08-06 07:04:34.608 GMT
•The Index is testing the important horizontal resistance area at
3,691-3,714. A sustain move above it would open the way for a re-test of the
cycle high at 3,836.
•While below 3,691-3,714 caution is needed, there is support at 3,627
(yesterday low), 3,554 (55dma) and then the most important 3,513 support level.
•Given our Elliot wave count and the bullish price action on the monthly chart
we continue to expect 1 more leg higher (a wave '5') before a possible
correction and therefore we would attempt to buy dips to 3,513 with a stop below
this level.
Strategy: Long from 3,565 took 3.23% profit at 3,680, step aside for now.
Support: 3,627, 3,554 (55dma) & 3,513 (breakout level & last week low)
Resistance: 3,691-3,714 & 3,836 (major)
See Full Report Attached
Contributed via: Bloomberg Publisher WEB Service
Provider ID: ebe24852ac9d4699a6ea967d5daa4bef
-0- Aug/06/2015 07:04 GMT
2015-08-06 07:04:34.608 GMT
•The Index is testing the important horizontal resistance area at
3,691-3,714. A sustain move above it would open the way for a re-test of the
cycle high at 3,836.
•While below 3,691-3,714 caution is needed, there is support at 3,627
(yesterday low), 3,554 (55dma) and then the most important 3,513 support level.
•Given our Elliot wave count and the bullish price action on the monthly chart
we continue to expect 1 more leg higher (a wave '5') before a possible
correction and therefore we would attempt to buy dips to 3,513 with a stop below
this level.
Strategy: Long from 3,565 took 3.23% profit at 3,680, step aside for now.
Support: 3,627, 3,554 (55dma) & 3,513 (breakout level & last week low)
Resistance: 3,691-3,714 & 3,836 (major)
See Full Report Attached
Contributed via: Bloomberg Publisher WEB Service
Provider ID: ebe24852ac9d4699a6ea967d5daa4bef
-0- Aug/06/2015 07:04 GMT