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May 19, 2023
- Medium-term trend indication has turned positive as the MACD index generated a crossover buy signal
- The lower Bollinger Band® is currently at 7,316 while the higher band is at 7,562
Recent gains came after 12 days of trading sideways, Today's session shows improvement: CAC moves up 0.61% to close at 7,492 today.
The index has been trending positively for about 2 months. After hitting an important low of 15.42 approximately 8 months ago, CAC has bounced back 48,200% since.
Trend and momentum analysis indicates that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,562, thereby suggesting that CAC 40 is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates CAC will remain range-bound for the immediate future.
Fundamental indicators – Euro Zone CFTC EUR speculative net positions released today at 20:30 UTC with a figure of 187,100, while the previous figure was 179,400.
Other markets are also showing gains as notably, ASX 200 rose 0.59% today and closed at 7,236.8. KOSPI Composite Index went up by 0.89% today, and closed at 2,537.79.
At the same time, Hang Seng lost 1.4% today and closed at 19,727.
Upcoming fundamentals: Germany Buba Balz speech will be released tomorrow at 01:00 UTC.
