The STOXX Europe 50 Index's prevailing uptrend hits the buffers

• The STOXX Europe 50 Index is eyeing the 4,189.36 support level
• The STOXX Europe 50 Index's upper Bollinger Band® is at 4,299.33 which indicates a further downward move may follow.

Though in the midst of a 4 day uptrend, gaining a total of 0.884%, (59.56 points), Yesterday's session suggests run might be coming to an end — after finishing Tuesday at 4,238.38, the STOXX Europe 50 Index went up to 4,276 before paring its losses and closing at 4,215.75.

The index has been trending positively for about 2 months. Having set a significant low of 3,279 5 months ago, the STOXX Europe 50 Index is trading 29.26% higher.

Technical chart analysis shows EuroSTOXX could begin to recover as it approaches significant support, now 26.39 points away from 4,189.36. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that despite being in the red so far in the current trading session, the STOXX Europe 50 Index peaked above its 10 day Simple Moving Average around 4,254.37 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,299.33 which indicates a further downward move may follow.

Notwithstanding the STOXX Europe 50 Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Fundamental indicators – Germany Consumer Price Index released yesterday at 13:00 UTC with a figure of 8.7%, while the previous figure was 8.7%.

In the meantime, negative performances are also seen in other markets, Hang Seng is down to 20,479, losing 140.91 points, after ending the previous session around 20,620.

Other assets are showing positive performances as KOSPI Composite Index ascends 0.91% yesterday and closed at 2,413. FTSE improves 0.49% yesterday and closed at 7,876.28.

Upcoming fundamentals: Euro Zone Consumer Price Index figure is projected at 8.2%. It previously stood at 8.6%; data will be released today at 10:00 UTC.