 Hello and welcome to the chart of the week video with me David a man today's date is Thursday the 27th of June 2019 and the time is just gone 12 25 British summer time And this week's chart of the week video is going to be the Euro stocks 50 or as we call it on a platform at the Euro 50 As we can see here at the Euro stocks 50 has had a very impressive run throughout 2019 The market rallied essentially from the end of December last year up until April and the level that was achieved in April Was the highest level seen since August 2018? So quite a impressive rally for the first few months of the year There's obviously a fairly sizable Pullback between April and early June just like there was across global indices Well, we have managed to kind of press on higher yet again as you can see here the highs of June clearly took out the highs of May and The market is now sitting comfortably despite slight pullback in the last few the last few sessions The market is sitting comfortably above its 50 day moving average is blue line here and that comes into play Just above seven. It's just above 3,000 seven three thousand four hundred three thousand four hundred nine to be precise is the fifth any moving average and We can see that that particular metric is important seeing as it acted as support Back in back in the beginning of the year, but also On a few occasions that actually had resistance our consolidation in around here The action and resistance in early June and we could find it acting as support again in the near future now If a metric has been of significance in the past It makes it more likely it will be significance in the future. Obviously, there are no guarantees But it's an area that it's a price area that traders would be keeping there for especially because it's just north of 3,400 which in itself is a big psychological number and we could see a support Come into play should the market drift a little more from there Take a look at the price action in the last few sessions It's not surprising to see a bit of a pullback after the kind of multi-week high was achieved If we do drift lower here, we could find support from the 50 moving average your meter on 3,400 taking a look down here at the MacD indicator of the back to Instagram We could see as the market was edging lower. There was a steady decline positive momentum So the downward move in the in the online market as we confirmed by the doubt that the decline in positive momentum So the market does much to push it lower here We might find some support in road 3,400 perhaps even from this yellow line here The one or the movie average which comes into play at 3,364 Once again the metric actors as book of support on a few occasions in the not too distant past So it could be relevant in the future, but for wider upward trend does manage to continue We could see the market heading back to this area here levels. That's even quite some time These highs are in around 3,545 and if you go beyond that you could be looking at targeting in around 3,600 Bying on the tip has been fairly popular strategy In the last few months obviously we did quite a sizable pullback here between April and early June, but by and large By with the markets of pullback and retraced has been a popular strategy So if you do see the market edge lower support coming found from the Seattle on here They won't hundred a movie average and even possibly as low as 3,300 once again big psychological number and there's a bit of consolidation in that area It's only really if you actually kind of manage you kind of take out You know drop below this red line here the tour they move the average at 3,274 and our also this the recent note 3,247 that's sort of an area if you take if you go below those levels Then we you know we could begin to think the markets turning over on itself The the downward trend that that began in April might actually be kind of might actually have More have a more force behind it. We could see further losses. So if we take out the recent lows The early June lows of 3,247 could take us back down towards this area here in around 3,200 if you are gonna be trading the Euro stocks 50 just keep this keep mind At the G20 summit begins tomorrow. It lasts for two days on Saturday It's the big meeting between the US president Donald Trump and Chinese Premier Xi Jinping That's going to be that they get the big focus to watch for for global global markets and particularly any markets Given the trade tensions between the two sides in recent weeks and months Before you go before I go if you any comments to make in this video or any of the other videos We've made please feel free to leave a few of your views. Thank you very much