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May 28, 2023- Today's gain is the STOXX Europe 50 Index largest daily percentage gain since Mar 29.
- Market price breaks 48.11 points above key Fib handle of 4,289.39
Having gone up 5.9 points over the past 3 days, Friday continued on the same track for the STOXX Europe 50 Index — the STOXX Europe 50 Index rallied 67.86 points (1.59%) deep into the session, closing at 4,337.5.
The index has been trending positively for about 2 months. 7 months ago, the STOXX Europe 50 Index fell to a low of 3,279 but has since recovered 30.21%.
Trend-focused traders would be interested to note that EuroSTOXX made an initial breakout above its 50 day Simple Moving Average at 4,303.57, a potential indicator of a newly emerging bullish phase. Crossed the 4,289.39 Fibonacci level, next level is at 4,408.59. Analysis based on the asset volatility indicates that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,401.58, this is a slight indication of a slowdown. Support/Resistance levels obtained from chart analysis indicate that the STOXX Europe 50 Index could be slowing down soon as it approaches resistance at 4,368.62. Of course, crossing it might suggest further gains are ahead.
Notwithstanding the STOXX Europe 50 Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Nasdaq is trading around 12,976 after ending Friday's session at 12,700 (up 2.19% today). Notably, S&P 500 rose 1.3% Friday and closed at 4,151.28.
Meanwhile, Hang Seng lost 1.93% Friday and closed at 19,100.
