| 
April 17, 2023
- 4,402 is the STOXX Europe 50 Index's all-time high.
- Key support at 4,370.18 holds firm despite apparent early break
While the STOXX Europe 50 Index is on a 9 day bullish trend, Friday's session put the brakes on the ongoing uptrend — the STOXX Europe 50 Index recovered back to 4,389.48 after dipping down to 4,388.41, in a session that followed Thursday's 4,390.75 close value.
The index has been trending positively for about a month. Having set a significant low of 3,279 6 months ago, the STOXX Europe 50 Index is trading 33.9% higher.
Chart analysis indicates EuroSTOXX reversed direction at 4,370.18 support zone and climbed 19.3 points above it. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,415, suggesting that a downward move may follow.
Notwithstanding the STOXX Europe 50 Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – Italy Consumer Price Index came out at -0.4%, while a consensus of analysts was expecting -0.3%.
While the STOXX Europe 50 Index was pretty flat Friday, mixed performances were seen elsewhere as Hang Seng went up by 1.62% Friday, and closed at 20,771. FTSE added 0.45% and closed around 7,872 Friday. Dow Jones retreats 0.42% Friday and closed at 34,030.
Upcoming fundamentals: Germany ZEW Economic Sentiment Index is expected tomorrow at 09:00 UTC.
