Inside bar pattern drawn on DJ Eurostoxx 50 future daily chart. The major oscillators confirm the upward trend.
DJ Euro Stoxx 50 future last friday close was at 2983 (+0.44%). Inside bar pattern drawn on daily chart. For intraday trading session the technical view is positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the most significant support levels. The major oscillators confirm the upward trend. So for today trading session the forecast of price movements is between support and resistance levels.
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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 2959). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 29/07/2016.
Performance: 7 trading days= +0.54% – 15 trading days= +3.65% – 30 trading days= +1.60%
Resistance levels: R1= 2994 – R2= 3005 – R3= 3031
Pivot Point: 2979
Support levels: S1= 2968 – S2= 2953 – S3= 2927
Buying opportunity above 2997 targets minor resistance at 3027 and perhaps as far as strong resistance at 3050, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 3096.
Selling opportunity below 2967 targets minor support at 2941 and perhaps as far as strong support at 2922, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 2874.