Euro Stoxx 50 may fall to 4705.00 - 4800.00

Pivot

4970.00

Our preference

Short positions below 4970.00 with targets at 4800.00 & 4705.00 in extension.

Alternative scenario

Above 4970.00 look for further upside with 5050.00 & 5121.00 as targets.

Comment

As long as 4970.00 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

5121.00 **

5050.00 ***

4970.00 ***

4909.20 Last

4800.00 ***

4705.00 ***

4538.00 **

Number of asterisks represents the strength of support and resistance levels.