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June 24, 2023- Next support is currently 22.56 points away at 4,249
- Falling prices have precipitated the STOXX Europe 50 Index's approach to its lower Bollinger Band® at 4,233.74
Having fallen 90.35 points in 5 days, Yesterday's session continued down the same path: the STOXX Europe 50 Index slid into the red after losing 32.86 points and ending the session at 4,271.61.
Trading mostly sideways for 3 months. The STOXX Europe 50 Index hit a significant low of 3,279 around 8 months ago, but has since recovered 31.27%.
EuroSTOXX could begin to recover as it approaches significant support, now 22.56 points away from 4,249. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at 4,233.74, a low enough level to, generally, suggest that the STOXX Europe 50 Index is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems the STOXX Europe 50 Index —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Fundamental indicators – Euro Zone CFTC EUR speculative net positions released yesterday at 20:30 UTC with a figure of 144,600, while the previous figure was 151,800.
In the meantime, negative performances are also seen in other markets, ASX 200 dips 1.34% yesterday and closed at 7,195.5. Hang Seng slips 1.71% yesterday and closed at 19,218. After ending yesterday's session at 33,265, Nikkei lost 483.34 points and is trading around 32,782.
