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May 01, 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 With a marginal improvement upon 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. The STOXX Europe 50 Index has fallen back around 1.15% from the significant high of 4,408.59 set 10 days ago.
EuroSTOXX made an initial break below its 21 day Simple Moving Average at 4,327.62, a possible indication of a forthcoming negative trend. Despite this, the STOXX Europe 50 Index is approaching key support, around 45.82 points away from 4,313.49. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
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 Dow Jones goes up 0.8% Friday and closed at 33,826. Nikkei went up by 0.92% Friday, and closed at 29,123. FTSE went up by 0.5% Friday, and closed at 7,870.57.
Upcoming fundamentals: Euro Zone Consumer Price Index is expected tomorrow at 09:00 UTC.
