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June 27, 2023- Price action honing in on likely support at 4,247.71
- The lower Bollinger Band® is currently at 4,238 while the higher band is at 4,391.71
A 6 day downtrend has resulted in the asset losing 114.25 points. With a marginal improvement upon yesterday's session, the STOXX Europe 50 Index recovered back to 4,283.36 after dipping down to 4,282, in a session that followed Friday's 4,280.57 close value.
Trading mostly sideways for 3 months. Having set a significant low of 3,279 8 months ago, the STOXX Europe 50 Index is trading 30.54% higher.
'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. The STOXX Europe 50 Index's upper Bollinger Band® is at 4,391.71 and the lower is 4,238. The STOXX Europe 50 Index is approaching key support, around 35.65 points away from 4,247.71. 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 muted price action in the STOXX Europe 50 Index, chart analysis indicates it is positioned for a bullish run in the short term.
Fundamental indicators – data from Germany concerning Business Expectations was released yesterday at 08:00 UTC. Newly published figures emphasized continued decline from last month's figure of 88.3 to 83.6 this month.
While the STOXX Europe 50 Index was pretty flat yesterday, mixed performances were seen elsewhere as notably, Hang Seng rose 1.88% yesterday and closed at 18,800. ASX 200 went up by 0.56% yesterday, and closed at 7,118.2. Nasdaq lost 1.16% yesterday and closed at 13,500.
Upcoming fundamentals: Italy Consumer Price Index is expected tomorrow at 09:00 UTC.
