13 March 2018, 16:42
Dragan Drenjanin

Wait for a test of the support


Above 3251.08 PTS the EUROSTOXX 50 is heading toward 3521.46 PTS over the short term. Below 3251.08 PTS the movement would reverse and then correct toward 3212.45 PTS.


The MACD is negative but is situated above its signal line: the trend is changing. Now, the MACD must clear zero for the rise to continue in the coming days. The main indicator of the movement's strength (RSI) shows that the technical situation is quite healthy, as it is not overbought. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.


Since the recent low at 3324.75 PTS the index has been in a phase of technical recovery towards its 50-day moving average located at 3501.59: the price reaction on this level will allow us to envisage a continuation of the movement in the medium term. To alleviate this position, we could wait to test the short-term resistances located at 3521.46 PTS and 3598.71 PTS. The supports are at 3289.7 PTS then at 3251.08 PTS .

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