| 
April 14, 2023
- The STOXX Europe 50 Index could slow down as it approaches resistance at 4,373
- The lower Bollinger Band® is currently at 4,145 while the higher band is at 4,401
The STOXX Europe 50 Index is on an 8 day bullish run gaining 266.7 points (7.02%). Yesterday's session pointed in the same direction — the STOXX Europe 50 Index went up to 4,384.26 yesterday after ending Wednesday at 4,363.24. Overall, a 0.48% move or 21.02 points.
The index has been trending positively for about a month. The STOXX Europe 50 Index is now trading 33.06% above the significant low (3,279) it slumped to 6 months ago.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,401, this is a slight indication of a slowdown. Support/Resistance levels obtained from chart analysis indicate that the STOXX Europe 50 Index is 11.25 points away from testing key resistance at 4,373. Peaking above this level could inspire market bulls and open the path to further gains.
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 – Germany Consumer Price Index came out at 0.8%, while a consensus of analysts was expecting 0.8%.
Other markets are also showing gains as Nasdaq is trading around 12,166 after ending yesterday's session at 11,929 (up 2% today). Dow Jones is trading around 34,030 after ending yesterday's session at 33,646 (up 1.14% today). S&P 500 went up by 1.33% yesterday, and closed at 4,146.22.
Upcoming fundamentals: Germany Buba President Nagel speech is scheduled today at 18:15 UTC.
