titusj

One last push before everyone starts to take profits (Europe 50)

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OANDA:EU50EUR   Europe 50
4000 is an interesting number for Europe 50 index. This is the value that acted as resistance in July 2007 which reversed around 80% of upward movement. Also, this was the highest point before the 2008 market crash.

Europe 50 is increasing at an increasingly fast rate near a powerful resistance which could only be explained by one scenario. The market could very well be pushing the price upward before start taking profits. It wants to test the 4000 limit so bad, it barely tested the previous high resistance at 3860. It looks like the market going to skip past the previous high it had before the market crash in 2020.

This is not a good time to buy Europe 50 .

US30 rejected twice at the level of Jan/2020.
JAPAN225 had to fight 6 months to get past the pre-covid market level.
AUS200 is still fighting the pre-covid market level for three months now.

Does Europe 50 has a free ticket to pass this major resistance? I don't think so. Get ready for a big pump and dump.

This is just an idea, not a financial advice.

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