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April 25, 2023
- CAC's upper Bollinger Band® is at 7,668.22 which indicates a further downward move may follow.
Though in the midst of a 14 day uptrend, gaining a total of 7.42%, (562.36 points), The prevailing bullish trend is beginning to fade following today's downbeat session. CAC ended today at 7,531.61 following from closing yesterday at 7,574. Overall, this represents a loss of 42.39 points or 0.56%.
The index has been trending positively for about a month. CAC hit a significant low of 15.42 around 7 months ago, but has since recovered 49,017%.
CAC's upper Bollinger Band® is at 7,668.22 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CAC 40 to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CAC is expected to attract significant bearish sentiment in the coming days.
Fundamental indicators – highly important Business Climate Index data from Germany beat analyst expectations of 94 with a reading of 93.6.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index falls 1.37% today and closed at 2,523.5. S&P 500 lost 1.58% today and closed at 4,137. After ending today's session at 19,960, Hang Seng lost 342.06 points and is trading around 19,618.
Upcoming fundamentals: Germany GfK Consumer Climate (May) scheduled to come out tomorrow at 06:00 UTC.
