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June 30, 2023- Price action honing in on likely support at 4,340.37
- Bollinger analysis indicates upper Band® is at 4,395.82
Stable at 4,356.39 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — after ending Wednesday at 4,354.69, the STOXX Europe 50 Index went up to 4,361.68 only to drop back to its starting point and close at 4,356.39.
The index has been trending positively for about 3 months. The STOXX Europe 50 Index is now trading 32.8% above the significant low (3,279) it slumped to 8 months ago.
EuroSTOXX's upper Bollinger Band® is at 4,395.82, suggesting that a downward move may follow. In contrast, the STOXX Europe 50 Index is approaching key support, around 16.02 points away from 4,340.37. 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.
Despite the market lacking direction, technical chart analysis strongly suggests the STOXX Europe 50 Index is positioned for a downward move in the near term.
Fundamental indicators – Germany Consumer Price Index released yesterday at 12:00 UTC with a figure of 0.3%, while the previous figure was -0.1%.
While the STOXX Europe 50 Index was pretty flat yesterday, mixed performances were seen elsewhere as Dow Jones is trading around 34,122 after ending yesterday's session at 33,853 (up 0.8% today). KOSPI Composite Index ascends 0.56% yesterday and closed at 2,550. CAC added 0.49% and closed around 7,312.73 yesterday.
Upcoming fundamentals: Euro Zone Consumer Price Index figure is projected at 5.6%. It previously stood at 6.1%; data will be released today at 09:00 UTC.
