European benchmark completes a stronger base and more bullish shift
· We have stressed in recent reports to our clients that “into early November, the skewed bias is for a test to the upper end of the range, to 3088 for a bullish shift” and the Friday bull gap driven rally (3054-42) through here has set a more bullish tone.
· A robust turnaround rebound Thursday from ahead of a retrace support at 2951 has reinforced the bullish breakout and aims still higher into early November.
· We now see threat to 3132 on the way to a key chart/ retrace area at 3177/81.
· Overshoot threat for this week is to 3227/28/31, maybe 3249.
WHAT CHANGES THIS?
· Below 3042 eases bull risks; through 2954 signals a neutral tone, only shifting negative below 2896.
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4 Hour Euro STOXX 50 December Future Chart