EUSTX 50 Showing Intraday Bullish Continuation | Oct 16th
EUSTX 50 – Intraday Price Action Suggests More Upside
We’ve been writing about the bullish price action in the EUSTX 50 for the last several days, which has panned out as expected. Looking at the intraday 1hr charts, we can see the stable relationship the pair has had with the 20ema, along with forming consolidations before breaking higher.
Considering the European index is on a 6 day bull run, I’m expecting a pullback soon as the longest run of the year thus far was 8 days, and the next longest 6. Hence I suspect a minor bear close coming soon. Regardless, we are above two key levels in 3000 and 2955, and continue to remain buoyant, so I’ll keep looking for longs at this point.
Bulls can look to get long on pullbacks towards 3007 and 2984. Upside targets are 3050 and 3100 which are multi-year resistance levels back in 2008. Only a daily close below 2955 will dent the current uptrend.
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