Prevailing uptrend in the STOXX Europe 50 Index set for stern test at 4,404.45

• 4,397.58 is the STOXX Europe 50 Index's all-time high.
• The lower Bollinger Band® is currently at 4,152.61 while the higher band is at 4,415

Having gone up 266.7 points over the past 9 days, The STOXX Europe 50 Index stayed on track yesterday: the STOXX Europe 50 Index closed yesterday at 4,390.75 (with a daily low of 4,363.31) after ending Thursday at 4,363.24 and gaining 0.63%.

The index has been trending positively for about a month. The STOXX Europe 50 Index is now trading 0.63% below the significant high of 4,390.75 it set around a day ago.

With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,415, this is a slight indication of a slowdown. Technical analysis shows that the STOXX Europe 50 Index could be slowing down soon as it approaches resistance at 4,404.45. Of course, crossing it might suggest further gains are ahead.

Notwithstanding the STOXX Europe 50 Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Fundamental indicators – Euro Zone CFTC EUR speculative net positions released yesterday at 20:30 UTC with a figure of 163,300, while the previous figure was 143,400.

The STOXX Europe 50 Index shows positive signs, other assets are also on par: Nikkei went up by 1.2% yesterday, and closed at 28,500. ASX 200 is trading around 7,361.6 after ending yesterday's session at 7,324 (up 0.51% today). FTSE increases 0.36% yesterday and closed at 7,843.38.

Upcoming fundamentals: Italy Consumer Price Index is expected tomorrow at 08:00 UTC.