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July 01, 2023- The MACD line is significantly above the MACD signal line
- Upper Bollinger Band® currently at 7,414.41
CAC continues a 6 day surge, reaping a total of 3.3%. On-trend CAC closed the session yesterday with more of the same: CAC 40 rose 87.27 points to close at 7,400 yesterday which makes for a move of 1.19%.
The index has been trending positively for about 30 days. 9 months ago, CAC 40 fell to a low of 15.42 but has since recovered 47,324%.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. CAC 40's upper Bollinger Band® is at 7,414.41, this is a slight indication of a slowdown.
Technical analysis of CAC price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Fundamental indicators – Euro Zone Consumer Price Index came out at 5.5%, while a consensus of analysts was expecting 5.6%.
Other markets are also showing gains as FTSE rises 0.8% yesterday and closed at 7,471.69. S&P 500 climbs 1.23% yesterday and closed at 4,396.44. Nasdaq went up by 1.45% yesterday, and closed at 13,800.
