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March 06, 2023
- The STOXX Europe 50 Index could slow down as it approaches resistance at 4,310
- The lower Bollinger Band® is currently at 4,180.22 while the higher band is at 4,315
The STOXX Europe 50 Index is on a 6 day uptrend, gaining a total of 3.14%. Friday continued on the same track for the STOXX Europe 50 Index — the STOXX Europe 50 Index recovered from the previous trading session's losses and went up to 4,310 Friday after it traded lower at 4,306.31.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index has gained 10.63% since its lowest print of 3,279 earlier this year.
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 0.247 points away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend-following investors would be interested to note 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 4,315, this is a slight indication of a slowdown.
Notwithstanding the STOXX Europe 50 Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as S&P 500 surges 1.61% Friday and closed at 3,981.35. Nasdaq went up by 1.97% Friday, and closed at 11,700. Dow Jones is trading around 33,400 after ending Friday's session at 33,000 (up 1.17% today).
Upcoming fundamentals: Euro Zone Retail Sales is projected to outperform its last figure with 1%. It previously stood at -2.7%; data will be released today at 10:00 UTC.
