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March 09, 2023
- Price action honing in on likely support at 4,268.8
- The STOXX Europe 50 Index's upper Bollinger Band® is at 4,323.47 which indicates a further downward move may follow.
During a 9 day uptrend, the STOXX Europe 50 Index gained a total of 109.63 points, or 2.42%. Bucking the trend and turning lower, the STOXX Europe 50 Index ended yesterday's trading session by losing 0.19% and is now trading at 4,280.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index has fallen back around 0.59% from the significant high of 4,313.78 set 3 days ago.
EuroSTOXX's upper Bollinger Band® is at 4,323.47 which indicates a further downward move may follow. In contrast, the STOXX Europe 50 Index could begin to recover as it approaches significant support, now 11.31 points away from 4,268.8. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the STOXX Europe 50 Index to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the STOXX Europe 50 Index is expected to attract significant bearish sentiment in the coming days.
Fundamental indicators – France Non-Farm Payrolls (QoQ) (Q4) came out at 0.2, while a consensus of analysts was expecting zero.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index is down to 2,419, losing 13 points, after closing at 2,432 in the preceding trading session. FTSE is down to 7,892.48, losing 37.52 points, after closing at 7,930 in the preceding trading session.
Other assets are showing positive performances as Nikkei is up 0.63%.
Upcoming fundamentals: Germany Consumer Price Index is expected tomorrow at 07:00 UTC.
