Steve Miley, MSTA
MarketChartist
European benchmark average bullish shift through 3134
We stated in our last client report that “the bias into Tuesday and midweek is for a push up to challenge 3134, with a break here becoming more likely” and the push above here highlights a shift to a more bullish tone again.
Above 3134 now aims up to modest resistance at 3148, but with real risk this week back to challenge the 3175 cycle high and key long-term retrace target at 3185.
Overshoot risk, more likely into May, will be to 3200 and then Fibo targets at 3219 and 3233.
The 8-day RSI is positive, but not OB, leaving scope to go still higher this week
WHAT CHANGES THIS?
Below 3098 eases bull risks; through 3054 signals a neutral tone, only shifting negative below 3007
Daily Euro STOXX 50 Future (Adjusted Continuation chart)
Weekly Euro STOXX 50 Future
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