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February 22, 2023
- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
- CAC 40's upper Bollinger Band® is at 7,383.7 which indicates a further downward move may follow.
Over the last 4 days, CAC 40 has fallen 1.53%. Yesterday's session continued down the same path: CAC ended yesterday at 7,253.31 following from closing Friday at 7,308.65. Overall, this represents a loss of 55.34 points or 0.76%.
The index has been trending positively for about 2 months. CAC hit a significant low of 15.42 around 5 months ago, but has since recovered 47,300%.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. CAC's upper Bollinger Band® is at 7,383.7 which indicates a further downward move may follow.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting CAC 40 to extend its recent losses.
Fundamental indicators – Germany Business Climate Index fell short of the 91.4 projections, with new data of 91.1.
In the meantime, negative performances are also seen in other markets, Dow Jones is down to 33,130, losing 697.1 points, after ending the previous session around 33,827. KOSPI Composite Index is down to 2,417.68, losing 41.32 points, after ending the previous session around 2,459. S&P 500 lost 2% yesterday and closed at 4,079.
Upcoming fundamentals: Euro Zone Consumer Price Index figure is projected at 8.6%. It previously stood at 8.5%; data will be released tomorrow at 10:00 UTC.
