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Back in November 2017, in an article named, “FxWirePro: Sell Eurostoxx50 targeting 3250”, available at http://www.fxwirepro.com/fxwire/popup/newsPopup?id=777979 , we urged our readers to go short in the European blue-chip index Eurostoxx50 at the then current rate of 3582 with a target around 3250 area. Despite the bigger trend remaining buy, our calculations suggested that the index is ripe for a correction. We suggested stop loss at 3720 area.
We reiterated our support for the call in an article in January, https://www.econotimes.com/FxWirePro-Call-Review-Eurostoxx50-still-looks-wobbly-despite-global-equity-rally-1098408 . We preferred the Eurostoxx50 as it is supported by economic recovery and already priced in stimulus from the European Central Bank (ECB), instead of the tax reforms and cuts supporting the U.S. benchmark indices.
While initially there was a setback, as the index rose to as high as 3689, however, the recent selloff in the global stock market has pushed our call well in the money.
In a subsequent article, we extended that target from 3250 to 3100. The index is currently trading at 3372, and our calculations suggest that the recent selloff in the global stock market is far from over. With that view, we would like to urge our readers to maintain short positions in the Eurostoxx50, which is already in the money and we would like to extend the sell side target from 3100 to 2800. However, there is likely to be a bounce back from the two interim targets; 3250 and 3100.
The very first bounce-back is already taking place as the Eurostoxx50 is up after reaching 3258.
