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March 11, 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 7,188.67
CAC 40's bearish run has lasted 5 days so far (-57.33 points). More of the same from yesterday's session: CAC 40 ended yesterday at 7,220.67 following from closing Thursday at 7,316. Overall, this represents a loss of 95.33 points or 1.3%.
The index has been trending positively for about 2 months. 5 months ago, CAC 40 fell to a low of 15.42 but has since recovered 47,344%.
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. CAC's lower Bollinger Band® is at 7,188.67, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that CAC's current downtrend might soon change course and start climbing up in the short term.
Fundamental indicators – Germany Consumer Price Index released yesterday at 07:00 UTC with a figure of 8.7%, while the previous figure was 8.7%.
In the meantime, negative performances are also seen in other markets, ASX 200 lost 2.28% yesterday and closed at 7,311. After ending yesterday's session at 19,926, Hang Seng lost 605.82 points and is trading around 19,320. FTSE is down to 7,748.35, losing 131.65 points, after ending the previous session around 7,880.
