STOXX50 is reversing lower?
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STOXX50 is reversing lower from a long-term resistance 4400-4500 zone. A clear confirmed break above 4400 would definitely call for more upside and an upside continuation to test 4500 and even 4550 which was a 2007 high. Opposite to this a break below 4250 will invalidate this and lead to a key downside reversal 3750 test.
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The weekly chart is showing a rising uptrend wedge with the first visible resistance at 440o which is causing a rejection that needs to be confirmed next week and to indicate the 5th wave is finished. A break above 4400 is required for a continuation upside to 4500.
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On a daily chart, we can see that the Already a member? This article is so good, it’s for premium members only.
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