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March 12, 2023
- Next support is currently 34.67 points away at 4,195
- 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 More of the same from Friday's session: the STOXX Europe 50 Index retained its composure around the 4,229.53 level after dropping 1.32%.
The index has been trending positively for about 2 months. Having set a significant low of 3,279 5 months ago, the STOXX Europe 50 Index is trading 30.71% higher.
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 Friday and forecasting the STOXX Europe 50 Index to extend its recent losses.
In the meantime, negative performances are also seen in other markets, ASX 200 dips 2.28% Friday and closed at 7,311. Hang Seng is down to 19,320, losing 605.82 points, after ending the previous session around 19,926. After ending Friday's session at 7,880, FTSE lost 131.65 points and is trading around 7,748.35.
Upcoming fundamentals: Euro Zone Eurogroup Meetings is expected tomorrow at 10:00 UTC.
