EUROSTOXX 50 : The bearish trend can resume
Date of analysis 29 November 17
Opinion Short Term Negative
Resistance 1 3655.63PTS
Support 1 3499.49PTS
Opinion Mid Term Neutral
Support 2 3447.44PTS
Resistance 2 3707.68PTS
Below 3655.63 PTS the major trend remains bearish 3499.49 PTS and then 3447.44 PTS are in the line of sight. The surpassing of 3655.63 PTS would cancel this anticipation and favor a recovery toward 3707.68 PTS.
The MACD is negative and lower than its signal line. This configuration is damaging the index perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are less than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The bullish movement seems to have stopped. The index is under its 50-day moving average located at 3599.81. The first support is at 3499.49 PTS and, in the event of a breach of this level, a continuation of the correction towards 3447.44 PTS is possible; to the upside, the first resistance is at 3655.63 PTS, then the strongest level is at 3707.68 PTS.