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April 18, 2023- 4,407.74 is the STOXX Europe 50 Index's all-time high.
- The STOXX Europe 50 Index overcomes resistance at 4,391; now eyeing 4,414.35
The STOXX Europe 50 Index continues a 10 day uptrend, gaining a total of 7.26%. Today's session so far looks to be heading in the same direction — the STOXX Europe 50 Index trades at 4,394 after gaining 26.39 points (0.6%).
The index has been trending positively for about a month. 4 days ago the STOXX Europe 50 Index reached a significant high of 4,390.75 but has consequently lost 0.53% since then.
Trend and momentum analysis indicates that investors are seeking long positions as EuroSTOXX price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,425.52, thereby suggesting that the STOXX Europe 50 Index is becoming overvalued. Technical analysis of the STOXX Europe 50 Index's past price action reveals multiple support and resistance levels: the STOXX Europe 50 Index broke through the 4,391 resistance, climbing 2.97 points above it.
Notwithstanding the STOXX Europe 50 Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – Germany ZEW Economic Sentiment Index released today at 09:00 UTC with a figure of 4.1, while the previous figure was 13.
The STOXX Europe 50 Index shows positive signs, other assets are also on par: FTSE is up 0.38%. CAC gained 0.47% and is currently trading at 7,533.63.
At the same time, after ending yesterday's session at 20,782, Hang Seng lost 131.94 points and is trading around 20,651.
Upcoming fundamentals: Euro Zone Consumer Price Index figure is projected at 6.9%. It previously stood at 6.9%; data will be released tomorrow at 09:00 UTC.
