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March 16, 2023- The STOXX Europe 50 Index's nearest resistance stands at 4,193.19 followed by 4,290. For support, there is 4,036 and 3,975.29
- Market bulls strengthened by lower Bollinger Band® currently at 4,134
While the STOXX Europe 50 Index in the midst of a 6 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After ending yesterday at 4,035, the STOXX Europe 50 Index ascended as high as 4,135 before meeting resistance. Undeterred, the STOXX Europe 50 Index posted a fresh rally late in the trading session targeting 4,117.
Over the past 10 days, the STOXX Europe 50 Index has retreated 6.46% from a noteworthy peak of 4,313.78.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that the STOXX Europe 50 Index's lower Bollinger Band® is at 4,134, indicating that the market is oversold and fertile for new buyers. The STOXX Europe 50 Index's notable support and resistance levels: the nearest resistance level is at 4,193.19, followed by 4,290 at the next level; support levels are at 4,036 and followed by 3,975.29 at the next level.
With market volatility ebbing, the current technical outlook indicates the STOXX Europe 50 Index will remain range-bound for the immediate future.
The STOXX Europe 50 Index shows positive signs, other assets are also on par: CAC gained 2.03% and is currently trading at 7,025.72. S&P 500 is up 1.58% to 3,953.26.
Meanwhile, ASX 200 closed at 6,965.5 (down 1.46%).
Upcoming fundamentals: Euro Zone Consumer Price Index figure is projected at 8.5%. It previously stood at 8.5%; data will be released tomorrow at 10:00 UTC.
