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March 04, 2023
- The STOXX Europe 50 Index could slow down as it approaches resistance at 4,310
- Upper Bollinger Band® currently at 4,311.66
Having added to its 61.77 points increase during 6 days of gains, Yesterday's session pointed in the same direction — the STOXX Europe 50 Index went up to 4,294.8 yesterday, gaining 1.28%.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index has managed to gain 10.78% so far this year despite trading at lows around 3,279 previously.
Technical analysis shows that EuroSTOXX could be slowing down soon; it is getting close to the resistance line and is now at 4,310, only 15.32 points away. Crossing the resistance line could, however, suggest that further gains are ahead. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as the STOXX Europe 50 Index price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,311.66, 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.
Fundamental indicators – Euro Zone CFTC EUR speculative net positions released yesterday at 20:30 UTC with a figure of 165,000, while the previous figure was 150,500.
Other markets are also showing gains as S&P 500 went up by 1.61% yesterday, and closed at 4,045.64. Nikkei moves up 1.56% yesterday and closed at 27,500. Nasdaq went up by 1.97% yesterday, and closed at 11,700.
