As far as the Estoxx 50 (Mar 16) is concerned, currently @ 3011, the intraday view is bearish. Prices have broken below the horizontal support threshold at 2995 but failed to accelerate downward. The 50MA (30-min chart) is flat and the 30-min RSI is around its neutrality area. The configuration is mixed. We adjust our stop loss at 3030. As long as 3030 is resistance, the risk will remain to the downside with 2965 (yesterday’s low) and 2945 as targets. Alternatively, a break above 3030 would call for a new up leg towards 3055 (swing high) and 3095 (short term horizontal resistance threshold).
As far as the FTSE 100 (Mar 16) is concerned, currently @ 6131, the intraday view is bearish. Prices remain within a downward-sloping channel drawn from March 4 top but are still holding above the overlap area around 6070. The 30-min RSI lacks momentum around its neutrality area. The configuration is mixed. We adjust our stop loss at 6165. As long as 6165 is resistance, the risk of a break below 6070 remains high. Alternatively, a push above the upper end of the channel would reinstate a bullish bias and would call for a jump towards 6210 (swing high) and 6275 (Dec 29 top).
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