After the Bell | CAC 40 set up for a reversal as recent uptrend runs out of steam

• The MACD line is significantly above the MACD signal line
• CAC's upper Bollinger Band® is at 7,539.32 which indicates a further downward move may follow.

Though in the midst of a 9 day uptrend, gaining a total of 6.94%, (508.11 points), The prevailing bullish trend is beginning to fade following today's downbeat session. CAC 40 ended today at 7,498.18 following from closing Friday at 7,519.61. Overall, this represents a loss of 21.43 points or 0.28%.

The index has been trending positively for about a month. After hitting an important low of 15.42 approximately 7 months ago, CAC has bounced back 48,665% since.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. CAC's upper Bollinger Band® is at 7,539.32 which indicates a further downward move may follow.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for CAC 40.

Fundamental indicators – Italy Consumer Price Index came out at -0.4%, while a consensus of analysts was expecting -0.3%.

In the meantime, negative performances are also seen in other markets, EuroSTOXX stumbles 0.53% today and closed at 4,390.75.

Positive performances can be seen by looking at other markets as notably, Hang Seng rose 1.68% today and closed at 20,439. ASX 200 added 0.27% and closed around 7,361.6 today.

Upcoming fundamentals: Germany ZEW Economic Sentiment Index is expected tomorrow at 09:00 UTC.