Technical Analysis Newsletter Wednesday, March 16, 2016
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EUROPEAN MARKET OUTLOOK: the risk remains to the downside

As far as the Estoxx 50 (Jun 16) is concerned, currently @ 2966, the intraday view is bearish below 3015. Prices remain capped by a declining trend line drawn from March’s top. The 30-min RSI is below its neutrality area. The 20/50MAs lack momentum. As long as 3015 is resistance, the risk remains to the downside towards 2940 (intermediary support threshold) and 2905 (gap). Alternatively, a break above 3015 would call for a rise towards 3050 (swing high).



As far as the FTSE 100 (Jun 16) is concerned, currently @ 6100, the intraday view is bearish. Prices remain within a broadening formation and are losing upward momentum. The 50MA (30-min chart) has turned to bearish. The 30-min RSI is below its neutrality area. The configuration is mixed. As long as 6175 is resistance, a retest of the support threshold at 6040 remains the most likely scenario. Alternatively, a break above 6175 would call for a rise towards 6220 and 6240 (Fib projections).




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