Wednesday 6 April 2011

Eurostoxx Bearish Setup

Coming into the European open, I am monitoring a potential bearish setup in the Eurostoxx. This market is trading in a clear wedge pattern with momentum waning. Yesterdays lows at 2858 once again managed to hold at the upward trendline. I am looking to short below this level targeting 2750 and possibly lower.  These patterns imply a sharp break lower and thus if there is no follow through, look to tighten up stops quickly.

Eurostoxx 15mins:


Eurostoxx 60mins: