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May 22, 2023
- Next support is currently 8.25 points away at 4,377.38
- The STOXX Europe 50 Index's upper Bollinger Band® is at 4,423.71 which indicates a further downward move may follow.
Though in the midst of a 9 day uptrend, gaining a total of 2.25%, (106.05 points), Today's session suggests run might be coming to an end — the STOXX Europe 50 Index slid down from 4,395.3 to 4,385.63, losing 9.67 points (0.22%) today.
The index has been trending positively for about 2 months. The STOXX Europe 50 Index has recovered 34.04% since descending to a significant low of 3,279 around 7 months ago.
Analysis of the STOXX Europe 50 Index's recent price action suggests EuroSTOXX could begin to recover as it approaches significant support, now 8.25 points away from 4,377.38. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that 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. Asset volatility analysis shows that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,423.71 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.
Other assets are showing positive performances as notably, Nikkei rose 0.9% today and closed at 30,800. Hang Seng went up by 1.17% today, and closed at 19,678. KOSPI Composite Index added 0.76% and closed around 2,537.79 today.
Upcoming fundamentals: Germany Manufacturing PMI figure is projected at 45. It previously stood at 44.5; data will be released tomorrow at 07:30 UTC.
