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June 10, 2023- Price action honing in on likely support at 4,274
- The STOXX Europe 50 Index explored above its 5 day Simple Moving Average around 4,301, a potential early indicator of a new bullish phase to come
After a 7 day of trading sideways Yesterday's session suggests a further slow down: the STOXX Europe 50 Index slides down from 4,297.68 to 4,289.79, losing 7.89 points (0.18%) today.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index hit a significant low of 3,279 around 8 months ago, but has since recovered 31.07%.
A study of the STOXX Europe 50 Index's historical price actions shows EuroSTOXX could begin to recover as it approaches significant support, now 15.68 points away from 4,274. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that despite being in the red so far in the current trading session, the STOXX Europe 50 Index peaked above its 5 day Simple Moving Average around 4,301 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,369 which indicates a further downward move may follow.
With market volatility ebbing, the current technical outlook indicates the STOXX Europe 50 Index will remain range-bound for the immediate future.
Fundamental indicators – Euro Zone CFTC EUR speculative net positions released yesterday at 20:30 UTC with a figure of 158,400, while the previous figure was 165,700.
In the meantime, negative performances are also seen in other markets, FTSE lost 0.49% yesterday and closed at 7,599.74.
Other assets are showing positive performances as Nikkei is trading around 32,265 after ending yesterday's session at 31,641 (up 1.97% today). KOSPI Composite Index increases 1.16% yesterday and closed at 2,611.
