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April 16, 2023
- The MACD line is significantly above the MACD signal line
- The lower Bollinger Band® is currently at 7,109.2 while the higher band is at 7,544
The sentiment that generated 469.33 points in cumulative gains over the past 9 days was further evident for CAC. Friday's session pointed in the same direction — CAC improves 0.52% to close at 7,519.61 Friday.
The index has been trending positively for about a month. CAC 40 has recovered 48,400% since descending to a significant low of 15.42 around 6 months ago.
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 7,544, 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.
CAC 40 shows positive signs, other assets are also on par: Nikkei is trading around 28,500 after ending Friday's session at 28,157 (up 1.2% today). ASX 200 went up by 0.51% Friday, and closed at 7,361.6. FTSE is trading around 7,872 after ending Friday's session at 7,843.38 (up 0.36% today).
Upcoming fundamentals: Euro Zone ECB President Lagarde speech will be released tomorrow at 15:00 UTC.
