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June 01, 2023- The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook.
- Falling prices have precipitated CAC 40's approach to its lower Bollinger Band® at 7,160.57
CAC's downtrend has seen it decline 5.25% in 6 days More of the same from yesterday's session: CAC 40 ended yesterday at 7,098.7 following from closing Tuesday at 7,209.75. Overall, this represents a loss of 111.05 points or 1.54%.
The index has been trending lower for about a month. CAC 40 has recovered 46,656% since descending to a significant low of 15.42 around 8 months ago.
The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. Bollinger Bands® shows an indication of recovery: the lower band is at 7,160.57, a low enough level to, generally, suggest that CAC is trading below its fair value.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems CAC is set to appreciate despite today's setback.
Fundamental indicators – Germany Unemployment Change improved upon its previous reading of 23,000 with a new data release of 9,000.
In the meantime, negative performances are also seen in other markets, DAX lost 1.54% yesterday and closed at 15,900. EuroSTOXX decreases 1.71% yesterday and closed at 4,291.58. FTSE lost 1% yesterday and closed at 7,522.
Upcoming fundamentals: Euro Zone Consumer Price Index is expected today at 09:00 UTC.
