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April 30, 2023
- Prices have climbed 45.82 points away from the nearest support level at 4,313.49
- The STOXX Europe 50 Index looks below 4,327.62 (21 day Simple Moving Average) as signpost for new negative trend
While on a 6 day downtrend A slight improvement can be seen from Friday's session: the STOXX Europe 50 Index closed a flat day of trading at 4,359.31 Friday after ending Thursday at 4,358.
The index has been trending positively for about a month. Over the past 9 days, the STOXX Europe 50 Index has retreated 1.15% from a noteworthy peak of 4,408.59.
EuroSTOXX made an initial break below its 21 day Simple Moving Average at 4,327.62, a possible indication of a forthcoming negative trend. In contrast, the STOXX Europe 50 Index is climbing away and is now 45.82 points from the 4,313.49 support line.
Despite the market lacking direction, technical chart analysis strongly suggests the STOXX Europe 50 Index is positioned for a downward move in the near term.
While the STOXX Europe 50 Index was pretty flat Friday, mixed performances were seen elsewhere as Nikkei added 1.4% and closed around 28,458 Friday. Dow Jones is trading around 34,100 after ending Friday's session at 33,826 (up 0.8% today). FTSE added 0.5% and closed around 7,831.58 Friday.
