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April 04, 2023
- 4,347 is the STOXX Europe 50 Index's highest rate in 1 year.
- Price action oscillating around key resistance at 4,325.26
The sentiment that generated 214.51 points in cumulative gains over the past 3 days was further evident for the STOXX Europe 50 Index. Yesterday's session pointed in the same direction — after closing at 4,311 Friday, the STOXX Europe 50 Index maintained a strong bullish bias that helped the index close higher at 4,342.23 yesterday. However, market bears ensured the the STOXX Europe 50 Index topped out at 4,347 and that by the end of the session, the market had marked out a distinct 4,311 to 4,347 range.
The STOXX Europe 50 Index hit a significant low of 3,279 around 6 months ago, but has since recovered 31.47%.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. In contrast, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,358.35, this is a slight indication of a slowdown. The STOXX Europe 50 Index broke through the 4,325.26 resistance and climbed 16.97 points above it.
According to technical analysis, it looks as if the STOXX Europe 50 Index likely to continue pointing upward in the short term.
Fundamental indicators – Spain Unemployment Change beat the 8,500 projections, with -48,800.
Other markets are also showing gains as Dow Jones is trading around 33,600 after ending yesterday's session at 33,274 (up 0.98% today). Notably, DAX rose 0.88% yesterday and closed at 15,581. CAC added 0.6% and closed around 7,346 yesterday.
Upcoming fundamentals: projections for Germany Factory Orders are set for a continuation of decline with 0.3% while previous data was 1%; data will be released tomorrow at 06:00 UTC.
