- 4,408.59 is the STOXX Europe 50 Index's all-time high.
- Price action is gradually approaching a key resistance hurdle at 4,422.27
The STOXX Europe 50 Index continues a 14 day uptrend, gaining a total of 7.62%. Friday's session pointed in the same direction — after dipping down to 4,367.56, the STOXX Europe 50 Index regained earlier losses and reaches 4,408.59.
The index has been trending positively for about a month. The STOXX Europe 50 Index reached a significant high of 4,408.59 around 3 days ago but has lost 0.54% since then.
Concerning technical analysis and more specifically, trend indicators, EuroSTOXX made an initial breakout above its 5 day Simple Moving Average at 4,386, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,469, thereby suggesting that the STOXX Europe 50 Index is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that the STOXX Europe 50 Index could be slowing down soon; it is getting close to the resistance line and is now at 4,422.27, only 13.68 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
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.
Other markets are also showing gains as CAC is trading around 7,577 after ending Friday's session at 7,538.71 (up 0.51% today).
At the same time, after ending Friday's session at 20,400, Hang Seng lost 324.27 points and is trading around 20,076. KOSPI Composite Index is down to 2,534, losing 10.4 points, after ending the previous session around 2,544.4.
Upcoming fundamentals: Germany Business Climate Index is projected to outperform its last figure with 94, having previously been at 93.3. The figure will be published today at 08:00 UTC.