European Stocks Under Pressure
Stock-Markets / European Stock Markets Feb 11, 2011 - 05:31 AM GMTBy: Seven_Days_Ahead
The Technical Trader’s view:
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WEEKLY CHART The Eurostoxx has important resistance above the market – note the band 3050-3107. A second failure at 3050 Prior might send the market down at least to 2898….is that likely? |
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DAILY CHART Today’s price action does not augur well. The combined support from the near highs at 3008-3025 looks likely to have failed - and this will add to the anxieties of the bulls. They will have seen too, that open interest has been falling while the market has dallied beneath the 3050 resistance…. another bearish indicator. And there is no support of consequence before 2882-2916. The market is vulnerable to further selling. |
Mark Sturdy
John Lewis
Seven Days Ahead
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