Blue line- support trend line
Yellow rectangle- triple top rejection
EURSTOXX50 index remains technically in a bullish trend. Price however formed a triple top rejection at 4,418-4,400 and is now challenging the short-term upward sloping support trend line at 4,234. As long as price is above the blue trend line, bulls continue to have the upper hand. Recent price action implies that there are increased chances of a bigger price reversal and a break below the blue trend line. The RSI has been providing bearish divergence signs over the last few months.
