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April 13, 2023- The STOXX Europe 50 Index hasn't traded above 4,374.23 for 1 year.
- Next support is currently 20.31 points away at 4,313.72
Stable at 4,334 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — with a daily low of 4,323.67, the STOXX Europe 50 Index closed yesterday at 4,334, after ending Tuesday at 4,333.29 and gaining 0.71 points (0.02%).
The index has been trending positively for about 30 days. The past 6 months have been positive for the STOXX Europe 50 Index as it appreciated 30.1%, having traded as low as 3,279.
A study of the STOXX Europe 50 Index's historical price actions shows EuroSTOXX is approaching key support, around 20.31 points away from 4,313.72. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend analysis indicates that investors are seeking long positions as the STOXX Europe 50 Index price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,378.52, suggesting that a downward move may follow.
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.
While the STOXX Europe 50 Index was pretty flat yesterday, mixed performances were seen elsewhere as Hang Seng lost 1.56% yesterday and closed at 20,300. FTSE ascends 0.5% yesterday and closed at 7,785.72. Nasdaq draws back 0.85% yesterday and closed at 12,032.
Upcoming fundamentals: Germany Consumer Price Index is expected today at 06:00 UTC.
