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June 11, 2023- Price action honing in on likely support at 4,274
- Although down today, the STOXX Europe 50 Index rose above its 5 day Simple Moving Average around earlier in the session
After a 7 day of trading sideways Friday's session suggests a further slow down: the STOXX Europe 50 Index slid down from 4,297.68 to 4,289.79, taking a 7.89 points loss (0.18%)
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%.
Analysis of the STOXX Europe 50 Index's recent price action suggests 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. Technical analysis trend indicators suggest 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.
All in all, the technical analysis suggests the STOXX Europe 50 Index has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, FTSE is down to 7,562.36, losing 37.38 points, after ending the previous session around 7,599.74.
Other assets are showing positive performances as notably, Nikkei rose 1.97% Friday and closed at 31,641. KOSPI Composite Index went up by 1.16% Friday, and closed at 2,641.
