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EUROPEAN MARKET OUTLOOK: Losing downward momentum

As far as the Estoxx 50 (Jun 16) is concerned, currently @ 2942, the intraday view is bearish below 2955. Prices have landed on the lower end of the trading range 2905 – 3000 and are posting a rebound. A potential double bottom pattern is taking shape. Both the 20/50MAs are turning up. The configuration is mixed. Only a break above 2955/2967 would reinstate a positive bias towards 3000 (swing high).



As far as the FTSE 100 (Jun 16) is concerned, currently @ 6092, the intraday view is bearish below 6100. Price are challenging the horizontal resistance threshold at 6100. Both the 20/50MAs have turned to bullish increasing the probability of an upward breakout of this resistance level. As long as 6097 is resistance, the risk remains to the downside towards 6055 and 6010 (swing low). Alternatively, a break above 6100 would call for a rise towards 6130 and 6150 (swing high).



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