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June 09, 2023- Market bulls strengthened by lower Bollinger Band® currently at 7,115
Having gone up 104.09 points over the past 6 days, Yesterday's session pointed in the same direction — CAC rose 19.21 points to close at 7,222 yesterday which makes for a move of 0.27%.
The index has been trending lower for about a month. CAC has recovered 46,600% since descending to a significant low of 15.42 around 8 months ago.
CAC's lower Bollinger Band® is at 7,115, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems CAC 40 might continue pointing upwards in the short term.
Fundamental indicators – Euro Zone GDP fell short of the zero projections, with new data of -0.1.
CAC shows positive signs, other assets are also on par: Nikkei is trading around 32,150 after ending yesterday's session at 31,641 (up 1.61% today). KOSPI Composite Index went up by 0.95% yesterday, and closed at 2,635.67. Nasdaq is trading around 13,239 after ending yesterday's session at 13,100 (up 1.02% today).
Upcoming fundamentals: Euro Zone ECB's De Guindos speech is scheduled for today at 08:00 UTC.
