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May 15, 2023- Next support is currently 18.54 points away at 4,298
- The lower Bollinger Band® is currently at 4,272.83 while the higher band is at 4,424.41
It's been more of the same this session on the back of 14 days of flat trade, Today's session so far looks to be heading in a similar way — the STOXX Europe 50 Index is trading at 4,316.41 after closing the previous day at 4,318.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index hit a significant low of 3,279 around 7 months ago, but has since recovered 31.68%.
EuroSTOXX is approaching key support, around 18.54 points away from 4,298. 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. The STOXX Europe 50 Index's upper Bollinger Band® is at 4,424.41 and the lower is 4,272.83.
Despite muted price action in the STOXX Europe 50 Index, chart analysis indicates it is positioned for a bullish run in the short term.
Fundamental indicators – Industrial Production in Euro Zone fell short of market expectations (-2.5%) with a reading of -4.1%, continuing the decline from the previous figure of 1.5%.
While the STOXX Europe 50 Index is pretty flat so far today, mixed performances are seen elsewhere as Hang Seng improves 1.75% to trade around 19,971. Nikkei is up 0.81% to 29,626. FTSE is up 0.3%.
Upcoming fundamentals: Euro Zone ECB President Lagarde speech is scheduled tomorrow at 14:00 UTC.
