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March 13, 2023- The STOXX Europe 50 Index hasn't been as low as 4,072 in 7 weeks.
- The STOXX Europe 50 Index breaks 63.66 points below established support around 4,160.2
Having fallen 84.25 points in 5 days, Today's session continued the recent downtrend: overall, the STOXX Europe 50 Index shed around 133 points or 3.14% and ended today's session at 4,096.54.
The index has been trending positively for about 2 months. Having set a significant high of 4,313.78 7 days ago, the STOXX Europe 50 Index is trading 1.95% lower.
EuroSTOXX fell below the 4,160.2 support zone and moved 63.66 points beyond it; the next level of support with significant buyer interest is estimated at 4,094.75. The STOXX Europe 50 Index made an initial break below its 50 day Simple Moving Average at 4,177.81, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at 4,174.34, market bears have earmarked 4,029 as the next downside target. The STOXX Europe 50 Index has just crossed the lower Bollinger Band® at 4,156.77, indicating further losses could be forthcoming.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting the STOXX Europe 50 Index to extend its recent losses.
In the meantime, negative performances are also seen in other markets, DAX dips 3.04% today and closed at 15,428. CAC drops 2.9% today and closed at 7,220.67. FTSE is down to 7,548.63, losing 199.72 points, after ending the previous session around 7,748.35.
Upcoming fundamentals: Spain Consumer Price Index is expected tomorrow at 08:00 UTC.
