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May 11, 2023- Price action oscillating around key resistance at 4,328.3
- Market bulls strengthened by lower Bollinger Band® currently at 4,279.81
While the STOXX Europe 50 Index was in the midst of a 12 day downtrend— in which it lost a total of 2.09%— A possible reversal detected from yesterday; the STOXX Europe 50 Index went up to 4,316.37 yesterday, gaining 0.22%.
The index has been trending positively for about a month. Over the past 20 days, the STOXX Europe 50 Index has retreated 2.31% from a noteworthy peak of 4,408.59.
Analysis of the STOXX Europe 50 Index's recent price action suggests EuroSTOXX broke through the 4,328.3 resistance and climbed 11.93 points above it. Trend analysis indicates that despite posting gains on yesterday, the STOXX Europe 50 Index slid below its 5 day Simple Moving Average at 4,311.45 during the last session — an early indicator that a negative trend could be emerging. Asset volatility analysis shows that the STOXX Europe 50 Index's lower Bollinger Band® is at 4,279.81, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests the STOXX Europe 50 Index has no clear-cut direction.
Fundamental indicators – Germany Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.4%.
The STOXX Europe 50 Index shows positive signs, other assets are also on par: notably, Nasdaq rose 1.04% yesterday and closed at 12,180. S&P 500 ascends 0.45% yesterday and closed at 4,119.17. CAC went up by 0.34% yesterday, and closed at 7,386.
Upcoming fundamentals: France Consumer Price Index is expected tomorrow at 06:45 UTC.
