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DOW JONES     European Equity Index Technicals: Set For Corrective Weakness (Hedge21)

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Hedge21     posted : 22/03/10   09:14 am

2010-03-22 - 08:25:36

=European Equity Index Technicals: Set For Corrective Weakness

By Francis Bray

LONDON (Dow Jones)--Rolling 24-hour chart levels:

Index Futures: FTSE 100 E-STOXX DAX CAC 40
Jun Jun Jun Apr
Previous Close 5608.0 2838.0 6008.0 3932.5
3 Day Trend Range Range Range Range
Weekly Trend Bullish Bullish Bullish Bullish
3rd Resistance 5672.5 2870.0 6100.5 4000.0
2nd Resistance 5650.5 2862.0 6051.0 3968.5
1st Resistance 5640.0 2856.0 6030.0 3950.0
Pivot* 5614.2 2837.0 6007.0 3934.0
1st Support 5584.0 2811.0 5962.0 3905.5
2nd Support 5568.0 2786.0 5907.0 3878.5
3rd Support 5535.5 2760.0 5846.5 3848.5

Intraday FTSE 100: Friday's weakness off 5650.5 left a doji on the daily chart, highlighting the waning bull momentum in this rally, and the 5584.0 low is likely to come under pressure. Below there would extend consolidation back to the Mar. 18 higher low at 5568.0 and the Mar. 15 low at 5535.5. However, corrective weakness will attract support while above 5523.0. Only a break above 5650.5 would negate the daily doji and open 5672.5.

Weekly chart FTSE 100 trend: Bullish.

Intraday EURO STOXX 50: Friday's recovery off the 2811.0 low is likely to stall in the 2856.0/2862.0 area, and the greater risk is for renewed corrective bear pressure on 2811.0. The Mar. 9 higher low at 2786.0 is set for a retest, but corrective dips will attract support while above the 2760.0 area. Regaining ground above 2862.0 is required to question the negative near-term outlook and open the Mar. 17 reaction high at 2870.0.

Weekly chart EURO STOXX 50 trend: Bullish.

Intraday DAX 30: Friday's volatility left a bearish outside day off its 6051.0 high, and the threat of further consolidation weighs as the 5962.0 low is set for a retest. A break through there would leave the 6051.0 high as a bull failure, and prompt further corrective weakness towards the Mar. 15 higher low at 5907.0. Only a break above 6051.0 would negate the consolidation threat and open the 6100.5/6107.5 resistance area.

Weekly chart DAX 30 trend: Bullish.

Intraday CAC 40: The failure to meet the 3968.5 upside target highlights the waning bull momentum, and weakness is set to retest Friday's low at 3905.5. A sustained break below there would leave last week's high as a bull failure, and put the Mar. 9 higher low at 3878.5 under pressure. However, the 3848.5 area will look to contain what is regarded as corrective weakness at this stage. Regaining ground above 3950.0 is required to lift the tone and open the 3968.0/3968.5 area.

Weekly chart CAC 40 trend: Bullish.

* The pivot is the sum of the high, low and close divided by 3.

For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"

By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249;

Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked as a technical analyst and trader for 20 years in London, Barcelona and Guernsey
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