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March 11, 2023
- The STOXX Europe 50 Index is eyeing the 4,195 support level
- The STOXX Europe 50 Index's upper Bollinger Band® is at 4,321.81 which indicates a further downward move may follow.
The STOXX Europe 50 Index's downtrend has seen it decline 1.95% in 5 days Yesterday's session continued down the same path: the STOXX Europe 50 Index ended the session around the 4,229.53 level today, after Thursday's 56.47 points decline and close at 4,286.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index hit a significant low of 3,279 around 5 months ago, but has since recovered 30.71%.
EuroSTOXX's upper Bollinger Band® is at 4,321.81 which indicates a further downward move may follow. Despite this, the STOXX Europe 50 Index could begin to recover as it approaches significant support, now 34.67 points away from 4,195. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the STOXX Europe 50 Index to extend its recent losses.
Fundamental indicators – Germany Consumer Price Index came out at 8.7%, while a consensus of analysts was expecting 8.7%.
In the meantime, negative performances are also seen in other markets, ASX 200 drops 2.28% yesterday and closed at 7,311. Hang Seng lost 3.04% yesterday and closed at 19,926. FTSE dips 1.67% yesterday and closed at 7,880.
