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April 19, 2023- The MACD line is significantly above the MACD signal line
- The lower Bollinger Band® is currently at 7,106.52 while the higher band is at 7,595
The sentiment that generated 486.68 points in cumulative gains over the past 11 days was further evident for CAC. Yesterday's session pointed in the same direction — CAC improves 0.47% to close at 7,533.63 yesterday.
The index has been trending positively for about a month. CAC has fallen back around 0.47% over the past a day, from a notable high of 7,533.63.
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's upper Bollinger Band® is at 7,595, this is a slight indication of a slowdown.
Technical analysis of CAC 40 price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Fundamental indicators – Germany ZEW Economic Sentiment Index came out at 4.1, while a consensus of analysts was expecting 15.3.
Other markets are also showing gains as FTSE went up by 0.38% yesterday, and closed at 7,909.44. DAX added 0.59% and closed around 15,800 yesterday.
At the same time, after ending yesterday's session at 20,651, Hang Seng lost 100.77 points and is trading around 20,550.
Upcoming fundamentals: Euro Zone Consumer Price Index is expected today at 09:00 UTC.
