- Next support is currently 11.08 points away at 4,282.77
- Bollinger analysis indicates upper Band® is at 4,358
Stable at 4,294 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — after ending yesterday at 4,298.36, the STOXX Europe 50 Index traded in a 4,294 – 4,299 range before settling at 4,294.
The STOXX Europe 50 Index reached a significant high of 4,317.54 around 2 days ago but has lost 0.44% since then.
EuroSTOXX's upper Bollinger Band® is at 4,358, suggesting that a downward move may follow. Despite this, the STOXX Europe 50 Index is approaching key support, around 11.08 points away from 4,282.77. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests the STOXX Europe 50 Index is positioned for a downward move in the near term.
Fundamental indicators – Germany Industrial Production beat the 0.1% projections, with 2%.
While the STOXX Europe 50 Index was pretty flat yesterday, mixed performances were seen elsewhere as KOSPI Composite Index falls 1.44% yesterday and closed at 2,495.21. Nikkei is down to 27,473, losing 327.37 points, after ending the previous session around 27,800. Nasdaq is down to 12,000, losing 126.33 points, after ending the previous session around 12,126.
Upcoming fundamentals: Euro Zone CFTC EUR speculative net positions is expected tomorrow at 20:30 UTC.