Bullish the STOXX Europe 50 Index peaks above key resistance at 4,340.33 but retreats 22.45 points later in the session

• Price action oscillating around key resistance at 4,340.33
• Market bulls strengthened by lower Bollinger Band® currently at 4,276.84

Signs of life: 13 days of level trading might be coming to an end with a gain of 2.06% today Today's session shows improvement: after closing at 4,309.75 the day before, the STOXX Europe 50 Index maintained a strong bullish bias that helped the index close higher at 4,318 today. However, market bears ensured the the STOXX Europe 50 Index topped out at 4,344.32 and that by the end of the session, the market had marked out a distinct 4,304 to 4,344.32 range.

The index has been trending positively for about 2 months. Approximately 21 days ago, the STOXX Europe 50 Index reached a significant high of 4,408.59 but has struggled to hold onto its gains and declined 2.24% since then.

Analysis of the STOXX Europe 50 Index's recent price action suggests although EuroSTOXX is appreciating today after rising as high as 4,344.32, price action is now slowing and consolidating around 22.45 points below the 4,340.33 resistance level. With regards to technical trend indicators, chart analysis show that despite posting gains on today, the STOXX Europe 50 Index slid below its 10 day Simple Moving Average at 4,322.36 during the last session — an early indicator that a negative trend could be emerging. According to asset volatility analysis, the STOXX Europe 50 Index's lower Bollinger Band® is at 4,276.84, 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 – Euro Zone CFTC EUR speculative net positions released today at 20:30 UTC with a figure of 179,400, while the previous figure was 173,500.

The STOXX Europe 50 Index shows positive signs, other assets are also on par: Nikkei went up by 0.9% today, and closed at 29,400. FTSE went up by 0.31% today, and closed at 7,754.62.

At the same time, KOSPI Composite Index lost 0.63% today and closed at 2,491.