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March 15, 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 7,039.2
Over the last 6 days, CAC 40 has fallen 6.36%. Yesterday's session continued down the same path: CAC tumbles 3.33% to close at 6,904 yesterday.
CAC hit a significant low of 15.42 around 5 months ago, but has since recovered 46,200%.
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 40's lower Bollinger Band® is at 7,039.2, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems CAC —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, EuroSTOXX drops 3.24% yesterday and closed at 4,179.47. After ending yesterday's session at 15,233, DAX lost 432.83 points and is trading around 14,800. After ending yesterday's session at 7,637, FTSE lost 186 points and is trading around 7,451.
Upcoming fundamentals: Euro Zone Deposit Facility Rate (Mar) will be released tomorrow at 13:15 UTC.
