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February 25, 2023
- Next support is currently 38.37 points away at 4,140.45
- Lower Bollinger Band® at around 4,154.26
The STOXX Europe 50 Index's bearish run has lasted 7 days so far (-39.08 points). More of the same from yesterday's session: the STOXX Europe 50 Index slides down from 4,258 to 4,178.82, losing 79.18 points (1.86%) today.
The index has been trending positively for about a month. After hitting an important low of 3,279 approximately 4 months ago, the STOXX Europe 50 Index has bounced back 29.86% since.
Technical analysis of the STOXX Europe 50 Index's past price action reveals multiple support and resistance levels: EuroSTOXX could begin to recover as it approaches significant support, now 38.37 points away from 4,140.45. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the STOXX Europe 50 Index made an initial break below its 21 day Simple Moving Average at 4,227.39, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 4,154.26, a low enough level to, generally, suggest that the STOXX Europe 50 Index is trading below its fair value.
All in all, the technical analysis suggests the STOXX Europe 50 Index has no clear-cut direction.
Fundamental indicators – following a previous reading of 0.5, GDP in Germany released yesterday at 06:00 UTC fell short of the -0.2 figure expected by analysts with an actual reading of -0.4.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 7,317.43, CAC lost 130.16 points and is trading around 7,187.27. After ending yesterday's session at 15,476, DAX lost 275.69 points and is trading around 15,200. Hang Seng decreases 1.68% yesterday and closed at 20,351.
