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

• The STOXX Europe 50 Index is eyeing 4,303.39 as its nearest support level
• The STOXX Europe 50 Index's upper Bollinger Band® is at 4,356 which indicates a further downward move may follow.

Though in the midst of a 4 day uptrend, gaining a total of 4.93%, (218.78 points), Today's session suggests run might be coming to an end — the STOXX Europe 50 Index slid down from 4,315.32 to 4,298.36, taking a 16.96 points loss (0.39%)

After hitting an important low of 3,279 approximately 6 months ago, the STOXX Europe 50 Index has bounced back 31.6% since.

Technical analysis of the STOXX Europe 50 Index's past price action reveals multiple support and resistance levels: EuroSTOXX could begin to recover as it approaches significant support, now 5.03 points away from 4,303.39. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator. According to asset volatility analysis, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,356 which indicates a further downward move may follow.

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 – Euro Zone Composite PMI came out at 53.7, while a consensus of analysts was expecting 54.1.

In the meantime, negative performances are also seen in other markets, Nikkei lost 1.68% today and closed at 28,300. Nasdaq draws back 1.07% today and closed at 12,126.

Positive performances can be seen by looking at other markets as FTSE added 0.37% and closed around 7,634.52 today.

Upcoming fundamentals: Germany Industrial Production expected to decline to 0.1% while its preceding data was 3.5%, data will be available tomorrow at 06:00 UTC.