EUROPEAN MARKET OUTLOOK: Further downside expected
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As far as the Estoxx 50 (Mar 16) is concerned, currently @ 3000, the intraday view is bearish. Prices have broken below the rising trend line drawn from Feb 24. The 30-min RSI is capped by a declining trend line. The 50MA (30-min chart) is flat. Thus, as long as 3055 is resistance, look for a correction move towards 2972 and 2945 (intraday support thresholds). Alternatively, a break above 3055 would call for a new up leg towards 3095 and 3110 (short term horizontal resistance thresholds).

As far as the FTSE 100 (Mar 16) is concerned, currently @ 6133, the intraday view is bearish. Prices struck against the resistance threshold at 6210 and fell below the 50MA (30-min chart). The 30-min RSI is around its neutrality area. The configuration is mixed. A continuation of the conslidation move is likely below the mark at 6210 and towards 6095 and 6070 (key overlap area). Alternatively, a break above 6210 would call for a new up leg towards 6275 (Dec 2015 top) and 6300 (psychological level).




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