Yellow rectangle- resistance area
Purple lines- W formation
Eurostoxx50 is trading right now at 4,429 in the process of breaking above the major horizontal resistance. For the last 4 months bulls failed on several attempts to break above the 4,400 resistance area. On the 5th attempt bulls seem to succeed in breaking above the resistance. Yesterday price made a higher low and the daily candlestick formed a long lower tail. Today's push above 4,400 is the start of a new upward wave. The chances favor a close above 4,400. The chances of seeing another bearish rejection are very slim. Yesterday's low at 4,313 is now a very important support and trend change level. We are bullish as long as price holds above it.
