| 
March 03, 2023- Price action is gradually approaching a key resistance hurdle at 4,261.77
- The lower Bollinger Band® is currently at 4,181 while the higher band is at 4,301.8
Having added to its 61.77 points increase during 5 days of gains, Yesterday's session pointed in the same direction — the STOXX Europe 50 Index went up to 4,274.35 yesterday after ending Wednesday at 4,240.59. Overall, a 0.8% move or 33.76 points.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index is now trading 29.32% above the significant low (3,279) it slumped to 5 months ago.
A study of the STOXX Europe 50 Index's historical price actions shows EuroSTOXX could be slowing down soon as it approaches resistance at 4,261.77. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that the STOXX Europe 50 Index made an initial breakout above its 21 day Simple Moving Average at 4,237.24, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,301.8, thereby suggesting that the STOXX Europe 50 Index is becoming overvalued.
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 – Euro Zone Consumer Price Index released yesterday at 10:00 UTC with a figure of 8.5%, while the previous figure was 8.6%.
The STOXX Europe 50 Index shows positive signs, other assets are also on par: Nikkei is trading around 27,927 after ending yesterday's session at 27,500 (up 1.56% today). Dow Jones goes up 1.05% yesterday and closed at 32,662. Notably, DAX rose 0.98% yesterday and closed at 15,328.
Upcoming fundamentals: Euro Zone CFTC EUR speculative net positions scheduled to come out today at 20:30 UTC.
