EUROSTOXX Future: Break of the resistances at 3617-3620 appears difficult - Natixis

Micaella Feldstein, Research Analyst at Westpac, explains that since the daily volatility of EUROSTOXX Future tends to tighten and as the daily stochastic struggles to recover, a fresh break of the resistances at 3617-3620 (daily parabolic) appears difficult all the more so as the weekly stochastic is close to the overbought territory. 

Key Quotes

“Against this backdrop, we recommend keeping a lookout at the support at 3590 (daily Bollinger moving average) whose break would suggest a deeper consolidation move to 3578 and to supports at 3547-3560 (daily Bollinger lower band).  The resistances are located at 3617-3620, at 3633, at 3644 and at 3680.”