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March 14, 2023- The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook.
- Falling prices have precipitated CAC's approach to its lower Bollinger Band® at 7,076
CAC 40's bearish run has lasted 6 days so far (-152.54 points). More of the same from yesterday's session: CAC 40 ended yesterday at 7,011.5 following from closing Friday at 7,220.67. Overall, this represents a loss of 209.17 points or 2.9%.
CAC has recovered 46,727% since descending to a significant low of 15.42 around 5 months ago.
The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. CAC's lower Bollinger Band® is at 7,076, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that CAC 40's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, DAX dips 3.04% yesterday and closed at 15,428. FTSE is down to 7,548.63, losing 199.72 points, after ending the previous session around 7,748.35. After ending yesterday's session at 4,229.53, EuroSTOXX lost 133 points and is trading around 4,096.54.
Upcoming fundamentals: Euro Zone Industrial Production is projected to outperform its last figure with 0.4%. It previously stood at -1.1%; data will be released tomorrow at 10:00 UTC.
