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April 21, 2023
- The MACD line is significantly above the MACD signal line
- Upper Bollinger Band® currently at 7,625.68
CAC is on a 12 day bullish run gaining 527.21 points (8.07%). CAC lived up to expectations today by maintaining its set course — CAC 40 rose 38.29 points to close at 7,577 today which makes for a move of 0.51%.
The index has been trending positively for about a month. CAC 40 is up 48,800% from the significant low of 15.42 it hit 7 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. Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,625.68, thereby suggesting that CAC 40 is becoming overvalued.
Technical analysis of CAC price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Fundamental indicators – Euro Zone CFTC EUR speculative net positions released today at 20:30 UTC with a figure of 164,400, while the previous figure was 163,300.
At the same time, Hang Seng lost 1.57% today and closed at 20,400. KOSPI Composite Index slumps 0.73% today and closed at 2,563. After ending today's session at 7,362.2, ASX 200 lost 31.8 points and is trading around 7,330.4.
