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June 28, 2023- Price action oscillating around key resistance at 4,335
- Known Fib level 4,341 serving as battleground for bulls and bears
The STOXX Europe 50 Index continues a 3 day uptrend, gaining a total of 1.78%. Today's session pointed in the same direction — the STOXX Europe 50 Index went up to 4,344.75 today, gaining 0.92%.
Trading mostly sideways for 3 months. The STOXX Europe 50 Index is up 31.3% from the significant low of 3,279 it hit 8 months ago.
Despite posting gains on today, EuroSTOXX slid below its 50 day Simple Moving Average at 4,328.81 during the last session — an early indicator that a negative trend could be emerging. The STOXX Europe 50 Index's upper Bollinger Band® is at 4,393.2, this is a slight indication of a slowdown. The STOXX Europe 50 Index is 9.68 points away from testing key resistance at 4,335. Peaking above this level could inspire market bulls and open the path to further gains. On the other hand, note that price action remains constrained around the key Fibonacci level of 4,341 currently serving as resistance. If broken, the next Fib hurdle is expected to be 4,408.59.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest the STOXX Europe 50 Index is set for a reversal in the coming days.
Fundamental indicators – Italy Consumer Price Index released today at 09:00 UTC with a figure of 0%, while the previous figure was 0.3%.
The STOXX Europe 50 Index shows positive signs, other assets are also on par: Nikkei is trading around 33,200 after ending today's session at 32,538 (up 2.02% today). ASX 200 jumps 1.1% today and closed at 7,118.2. Notably, CAC rose 0.98% today and closed at 7,215.58.
Upcoming fundamentals: Germany Consumer Price Index figure is projected at 0.2%. It previously stood at -0.1%; data will be released tomorrow at 12:00 UTC.
