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July 04, 2023- Next support is currently 6.85 points away at 4,390.42
- Bollinger analysis indicates upper Band® is at 4,421.42
In the midst of a 7 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — the STOXX Europe 50 Index closed a flat day of trading at 4,397.27 yesterday after ending Friday at 4,398.
The index has been trending positively for about 3 months. Having set a significant low of 3,279 9 months ago, the STOXX Europe 50 Index is trading 34.13% higher.
Support/Resistance levels obtained from chart analysis indicate that EuroSTOXX is approaching key support, around 6.85 points away from 4,390.42. 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. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,421.42, 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.
Fundamental indicators – Spain Unemployment Change fell short of the -63,500 projections, with new data of -50,300.
While the STOXX Europe 50 Index was pretty flat yesterday, mixed performances were seen elsewhere as Nikkei lost 0.98% yesterday and closed at 33,753. ASX 200 is trading around 7,279 after ending yesterday's session at 7,246 (up 0.45% today). After ending yesterday's session at 2,602.47, KOSPI Composite Index lost 9.16 points and is trading around 2,593.31.
Upcoming fundamentals: Euro Zone Composite PMI figure is projected at 50.3. It previously stood at 52.8; data will be released tomorrow at 08:00 UTC.
