After the Bell | Prevailing uptrend under threat as technical outlook worsens for CAC

• Bollinger analysis indicates upper Band® is at 7,443

While CAC 40 is on a 6 day bullish trend, Thursday's session put the brakes on the ongoing uptrend — CAC moves 0.12% to close at 7,324.75 Thursday.

CAC hit a significant low of 15.42 around 6 months ago, but has since recovered 47,347%.

CAC's upper Bollinger Band® is at 7,443, suggesting that a downward move may follow.

Despite the market lacking direction, technical chart analysis strongly suggests CAC 40 is positioned for a downward move in the near term.

While CAC was pretty flat Thursday, mixed performances were seen elsewhere as notably, FTSE rose 1.03% Thursday and closed at 7,663. KOSPI Composite Index went up by 1.27% Thursday, and closed at 2,490.41. Nasdaq is trading around 12,100 after ending Thursday's session at 12,000 (up 0.76% today).