After the Bell | CAC 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 7,591 which indicates a further downward move may follow.

Though in the midst of an 11 day uptrend, gaining a total of 7.15%, (537.94 points), Yesterday's session suggests run might be coming to an end — CAC ended yesterday at 7,512.79 following from closing Tuesday at 7,549.44. Overall, this represents a loss of 36.65 points or 0.49%.

The index has been trending positively for about a month. CAC 40 hit a significant low of 15.42 around 7 months ago, but has since recovered 48,859%.

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 7,591 which indicates a further downward move may follow.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for CAC.

Fundamental indicators – Euro Zone Consumer Price Index came out at 6.9%, while a consensus of analysts was expecting 6.9%.

In the meantime, negative performances are also seen in other markets, DAX is down to 15,747, losing 153.13 points, after ending the previous session around 15,900. KOSPI Composite Index lost 0.46% yesterday and closed at 2,575. EuroSTOXX descends 0.54% yesterday and closed at 4,393.57.

Upcoming fundamentals: Euro Zone Manufacturing PMI figure is projected at 48. It previously stood at 47.3; data will be released tomorrow at 08:00 UTC.