Euro Stoxx 50 to soar towards the 4500 level – Credit Suisse

The EuroStoxx 50 has finally resolved its multi-month range higher, reinforcing its underlying core bullish trend. Analysts at Credit Suisse see next resistance at the psychologically important 4300 mark and eventually 4500/73 over the longer-term, the 2007 highs.

Broader bullish outlook

“We look for a resumption of the uptrend in Q4, with resistance seen next at the psychologically important 4300 mark and eventually 4500/73 over the longer-term, the 2007 highs.”

“Ideally, the 63-day average, currently at 4162, manages to floor setbacks going forwards to reinforce our view that the market has entered a new trending phase. Below would instead open the door for a setback toward the 200-day average, currently at 4005, which is not our base case.”