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April 23, 2023- 4,408.59 is the STOXX Europe 50 Index's all-time high.
- Price action is gradually approaching a key resistance hurdle at 4,422.27
Maintaining its 14 days rise (+288.32 points), Friday's session pointed in the same direction — the STOXX Europe 50 Index recovered from the previous trading session's losses and went up to 4,408.59 Friday after it traded lower at 4,367.56.
The index has been trending positively for about a month. The STOXX Europe 50 Index reached a significant high of 4,408.59 around 2 days ago but has lost 0.54% since then.
Trend and momentum analysis indicates that EuroSTOXX made an initial breakout above its 5 day Simple Moving Average at 4,386, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,469, thereby suggesting that the STOXX Europe 50 Index is becoming overvalued. Technical chart analysis shows the STOXX Europe 50 Index is 13.68 points away from testing key resistance at 4,422.27. Peaking above this level could inspire market bulls and open the path to further gains.
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.
Meanwhile, after ending Friday's session at 20,400, Hang Seng lost 324.27 points and is trading around 20,076. KOSPI Composite Index lost 0.73% Friday and closed at 2,563. ASX 200 draws back 0.43% Friday and closed at 7,362.2.
Upcoming fundamentals: Germany Business Climate Index is projected to outperform its last figure with 94. It previously stood at 93.3; data will be released tomorrow at 08:00 UTC.
