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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

European Stocks Under Pressure

Stock-Markets / European Stock Markets Feb 11, 2011 - 05:31 AM GMT

By: Seven_Days_Ahead

Stock-Markets

The Technical Trader’s view:


WEEKLY  CHART

The Eurostoxx has important resistance above the market – note the band 3050-3107.

A second failure at 3050 Prior might send the market down at least to 2898….is that likely?

DAILY CHART

Today’s price action does not augur well.

The combined support from the near highs at 3008-3025 looks likely to have failed - and this will add to the anxieties of the bulls.

They will have seen too, that open interest has been falling while the market has dallied beneath the 3050 resistance….  another bearish indicator.

And there is no support of consequence before 2882-2916.

The market is vulnerable to further selling.

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level techni44cal and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2011 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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