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July 03, 2023- The MACD line is significantly above the MACD signal line
- The lower Bollinger Band® is currently at 7,097 while the higher band is at 7,414.41
CAC 40 continues a 6 day surge, reaping a total of 3.3%. On-trend CAC 40 closed the session Friday with more of the same: CAC rose 87.27 points to close at 7,400 Friday which makes for a move of 1.19%.
The index has been trending positively for about 30 days. CAC 40 hit a significant low of 15.42 around 9 months ago, 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.
CAC 40 shows positive signs, other assets are also on par: Nikkei improves 1.58% Friday and closed at 33,200. Notably, Hang Seng rose 2% Friday and closed at 18,916. KOSPI Composite Index added 1.27% and closed around 2,564.28 Friday.
Upcoming fundamentals: Spain Manufacturing PMI is expected today at 07:15 UTC.
