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May 21, 2023- 4,413 is the STOXX Europe 50 Index's all-time high.
- Known Fib level 4,408.59 serving as battleground for bulls and bears
The STOXX Europe 50 Index is on a 9 day bullish run gaining 78.2 points (2.47%). Friday's session pointed in the same direction — the STOXX Europe 50 Index closed Friday at 4,395.3 (with a daily low of 4,368.24) after ending Thursday at 4,367.45 and gaining 0.64%.
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 33.19%.
Chart analysis suggests EuroSTOXX could be slowing down soon; it is getting close to the resistance line and is now at 4,422, only 26.72 points away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend and momentum analysis indicates that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Having stamped out a session range of 4,368.24 to 4,413, Fibonacci-inclined the STOXX Europe 50 Index traders were highly concentrated around active Fibonacci resistance at 4,408.59. According to asset volatility analysis, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,425.28, this is a slight indication of a slowdown.
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.
Other markets are also showing gains as ASX 200 improves 0.59% Friday and closed at 7,236.8. Notably, KOSPI Composite Index rose 0.89% Friday and closed at 2,515.4.
At the same time, after ending Friday's session at 19,727, Hang Seng lost 276.68 points and is trading around 19,451.
