Euro Stoxx 50: Small bull triangle – Credit Suisse

Euro Stoxx 50 would confirm a small bull ‘triangle’ above 2956 with resistance seen next at 3085/89, analysts at Credit Suisse briefs.

Key quotes

“A close above the 38.2% retracement of the Q1 collapse at 2900 is needed to add weight to this view for a move back to the 2956 April high.” 

“Beyond 2956 can confirm a bull ‘triangle’ and a deeper recovery with resistance seen next at 2999/3000, then the 50% retracement of the entire Q1 collapse at 3085/89.” 

“Support moves to 2884/76 initially, with 2852/39 needing to hold to keep the immediate risk higher. Only beneath 2794/91 though would mark a top to curtail thoughts of a deeper recovery.”