European benchmark average bullish shift through 3134
• We stated in our last client report that “the bias into Tuesday and midweek is for a push up to challenge 3134, with a break here becoming more likely” and the push above here highlights a shift to a more bullish tone again.
• Above 3134 now aims up to modest resistance at 3148, but with real risk this week back to challenge the 3175 cycle high and key long-term retrace target at 3185.
• Overshoot risk, more likely into May, will be to 3200 and then Fibo targets at 3219 and 3233.
• The 8-day RSI is positive, but not OB, leaving scope to go still higher this week
• WHAT CHANGES THIS?
• Below 3098 eases bull risks; through 3054 signals a neutral tone, only shifting negative below 3007
Please see full report with levels and latest audio-visual analysis here: http://members.marketchartist.com/Daily/eurostoxx.pdf
Daily Adjusted Continuation and Weekly charts