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July 03, 2023- Market price rises 28 points beyond key Fib handle of 4,371
- Upper Bollinger Band® currently at 4,413.67
Having added to its 85.89 points increase during 6 days of gains, Friday continued on the same track for the STOXX Europe 50 Index — bullish sentiment helped the STOXX Europe 50 Index to push 44.31 points higher, reaching session highs around 4,409.5, before consolidating until close. Ultimately, the STOXX Europe 50 Index closed Friday at 4,399.
The index has been trending positively for about 3 months. After hitting an important low of 3,279 approximately 9 months ago, the STOXX Europe 50 Index has bounced back 32.8% since.
Trend-following investors would be interested to note that investors are seeking long positions as EuroSTOXX price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action overcame a known Fibonacci resistance level at 4,371 by around 28 points with prices hammering out a 4,346.4 – 4,409.5 session range. Asset volatility analysis shows that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,413.67, this is a slight indication of a slowdown. A study of the STOXX Europe 50 Index's historical price actions shows the STOXX Europe 50 Index could be slowing down soon as it approaches resistance at 4,423.59. Of course, crossing it might suggest further gains are ahead.
Notwithstanding the STOXX Europe 50 Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
The STOXX Europe 50 Index shows positive signs, other assets are also on par: KOSPI Composite Index rises 1.39% Friday and closed at 2,564.28. Hang Seng is trading around 19,275 after ending Friday's session at 18,916 (up 1.9% today). Nikkei went up by 1.48% Friday, and closed at 33,680.
Upcoming fundamentals: Spain Manufacturing PMI is expected today at 07:15 UTC.
