STOXX50 ready for its next upside to 5,041Since our last trade analysis, STOXX50 reached our target at 4,370 from the W Formation pattern that broke up and out of.
Today, we have our confirmation of another bullish pattern for upside, the Box Formation.
The price has broken up and above the pattern and we have upward momentum indicators confirming upside to come including:
7>21>200 - Bullish
RSI>50
Target 1 will be to 5,041
ABOUT THE INDEX
STOXX 50:
The STOXX 50 is a stock index that represents 50 of the largest and most liquid stocks across 18 European countries.
It is one of the most widely followed European equity indices.
Blue-chip companies:
The index comprises blue-chip companies from various industries, including banking, technology, healthcare, energy, and consumer goods.
Diverse countries:
The STOXX 50 includes companies from major European economies, such as Germany, France, Switzerland, the Netherlands, Spain, and others.
Historical performance:
The index was launched in February 1998 with a base value of 1,000 points.
