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June 14, 2023- The STOXX Europe 50 Index overcomes resistance at 4,361; now eyeing 4,374.18
- The lower Bollinger Band® is currently at 4,243.82 while the higher band is at 4,381.54
The sentiment that generated 89.94 points in cumulative gains over the past 9 days was further evident for the STOXX Europe 50 Index. Today's session so far looks to be heading in the same direction — the STOXX Europe 50 Index has rallied 28.45 points, or 0.65%, to now stand at 4,376.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index is now trading 32.59% above the significant low (3,279) it slumped to 8 months ago.
Analysis of the STOXX Europe 50 Index's recent price action suggests EuroSTOXX broke through the 4,361 resistance, climbing 15.11 points above it. Concerning technical analysis and more specifically, trend indicators, 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. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,381.54, thereby suggesting that the STOXX Europe 50 Index is becoming overvalued.
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 ZEW Economic Sentiment Index released yesterday at 09:00 UTC with a figure of -8.5, while the previous figure was -10.7.
The STOXX Europe 50 Index shows positive signs, other assets are also on par: having closed the previous session at 33,019, Nikkei is up 1.47% today to currently trade at around 33,500. ASX 200 rises 0.32% to trade around 7,161.7.
Meanwhile, KOSPI Composite Index is down 19 points from the beginning of the session and now trades around 2,619.
Upcoming fundamentals: Euro Zone Deposit Facility Rate (Jun) scheduled to come out tomorrow at 12:15 UTC.
