The STOXX Europe 50 Index builds bearish momentum towards key support at 4,351.8

• Price action honing in on likely support at 4,351.8
• The STOXX Europe 50 Index's upper Bollinger Band® is at 4,473 which indicates a further downward move may follow.

Though in the midst of a 15 day uptrend, gaining a total of 6.87%, (305.26 points), The prevailing bullish trend is beginning to fade following today's downbeat session. The STOXX Europe 50 Index dropped 23.8 points early on and stayed at 4,378.

The index has been trending positively for about a month. After hitting an important low of 3,279 approximately 6 months ago, the STOXX Europe 50 Index has bounced back 34.24% since.

Concerning technical analysis and more specifically, trend indicators, despite being in the red so far in the current trading session, EuroSTOXX peaked above its 10 day Simple Moving Average around 4,374.63 — typically an early indicator of a new bullish trend beginning to emerge. According to asset volatility analysis, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,473 which indicates a further downward move may follow. A study of the STOXX Europe 50 Index's chart reveals various key levels to watch: the STOXX Europe 50 Index could begin to recover as it approaches significant support, now 26.05 points away from 4,351.8. Dipping below could be an indication that further losses are ahead.

Overall, while the STOXX Europe 50 Index has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Fundamental indicators – Germany Business Climate Index fell short of the 94 projections, with new data of 93.6.

In the meantime, negative performances are also seen in other markets, KOSPI Composite Index lost 1.37% today and closed at 2,523.5. S&P 500 lost 1.58% today and closed at 4,137. After ending today's session at 19,960, Hang Seng lost 342.06 points and is trading around 19,618.

Upcoming fundamentals: Germany GfK Consumer Climate (May) is scheduled for tomorrow at 06:00 UTC.