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May 29, 2023- The CCI indicator has fallen below -100 – a bearish signal
- The lower Bollinger Band® is currently at 7,282.51 while the higher band is at 7,511
Having lost 172.78 points over 5 days, With a marginal improvement upon Friday's session, CAC moves 0.02% to close at 7,318 Friday.
The index has been trending lower for about a month. 8 months ago, CAC fell to a low of 15.42 but has since recovered 47,366%.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, CAC's upper Bollinger Band® is at 7,511 and the lower is 7,282.51.
Overall, technical indicators suggest CAC has no obvious direction for the immediate future.
While CAC 40 was pretty flat Friday, mixed performances were seen elsewhere as Nasdaq is trading around 12,976 after ending Friday's session at 12,700 (up 2.19% today). ASX 200 improves 0.87% Friday and closed at 7,154.8. S&P 500 is trading around 4,205.45 after ending Friday's session at 4,151.28 (up 1.3% today).
Upcoming fundamentals: Spain HICP (YoY) (May) scheduled to come out tomorrow at 07:00 UTC.
