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June 26, 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, Friday'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 is up 31.27% from the significant low of 3,279 it hit 8 months ago.
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. The STOXX Europe 50 Index's lower Bollinger Band® is at 4,233.74, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that the STOXX Europe 50 Index (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, DAX is down to 15,830, losing 170.06 points, after ending the previous session around 16,000. S&P 500 descends 0.77% Friday and closed at 4,382. Nasdaq lost 1% Friday and closed at 13,631.
Upcoming fundamentals: Germany Current Assessment (Jun) scheduled to come out today at 08:00 UTC.
