EURO STOXX 50 A Sell As Miners, Banks Weaken Index Chart

European stocks finished in the red on Wednesday as sharp declines from European banks and miners weighed on sentiment, while the travel sector came under pressure after the United States issued a travel alert over the possibility of attacks in Europe this summer. Investors are awaiting results from the ECB meeting and OPEC meeting due out later today. On chart H1, STOXX 50 has dropped to 3039.60 at the close of the last session. The stochastic shows that the index has reached the overbought zone and the %K line has crossed %D line which is the signal for a pull back. A bearish trend is expected to take over soon and a short position is encouraged.

Trade suggestion

Sell stop at 3026.84, Stop loss at 3034.25, Take profit at 3017.59

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