Europe Stock Market Monthly Update.
Europe is represented by various countries including Germany, France and Italy and these countries, along with 16 others have adopted the Euro currency. With Brexit negotiations underway which will affect the whole of Europe we will analyse the The Stocxx 50 ($SX5E-STX) index which best represents all these countries.
Note: All charts will be provided by eSignal.
Below is the Monthly Chart.
As reported last month price continues to remain in it’s consolidation pattern between 2123 and 3840.22 since 2008. This month saw a down month after bouncing of the IMTF™ resistance at 3575.61. Will this continue down to the support of 3255 in July? We will continue to monitor this throughout the month.
Below is the Weekly Chart
The weekly time frame pulled back and stopped and held the Kijun Sen at 3441. Will July see the the end of the bullish trend? With SKB pointing up and momentum strong bullish we’d expect price to bounce of the KS. If it does, this may be an opportunity of look for some short term bullish opportunities.
Below is the Daily Chart
The Daily chart is in confliction with the weekly. June saw price below to the cloud to go bearish. A wall of IMTF™ resistances has formed at of 3548 which price will have to break in order for us to look for bullish opportunities.
Based on the direct of price.
Here is a list of European stocks that are completely bullish:
Here is a list of European stocks that are completely bearish:
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