FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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.
In two follow up call reviews, available here, https://www.econotimes.com/FxWirePro-Call-Review-Eurostoxx50-target-lowered-from-3250-to-3100-1134308 and here, https://www.econotimes.com/FxWirePro-Call-Review-Eurostoxx50-short-target-revised-from-3100-to-2800-1146997 we revised our target for the index to 3100 and then to 2800.
However, price movements in recent weeks have not been kind to our short call as charged up bulls threaten our short call. After reaching as low as 3258 (EUSTX50 - CFD of Eurostoxx50), the index has risen to 3570 area. Our stop loss remain a bit far around 3720 area and as of now, we do not see any need to revise our bearish outlook. Based on our calculations, we expect the sellers to be active in the region of 3580-3640 area and the index to take a turn south.
