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May 23, 2023- CAC's upper Bollinger Band® is at 7,502.51 which indicates a further downward move may follow.
Over the last 3 days, CAC 40 has fallen 1.51%. Today's session continued the recent downtrend: CAC slips 1.33% to close at 7,378.71 today.
The index has been trending positively for about 2 months. CAC 40 hit a significant low of 15.42 around 8 months ago, but has since recovered 48,400%.
CAC's upper Bollinger Band® is at 7,502.51 which indicates a further downward move may follow.
In the short term, CAC 40 is expected to maintain its recent downtrend and continue spiralling lower.
Fundamental indicators – Germany Manufacturing PMI came out at 42.9, while a consensus of analysts was expecting 45.
In the meantime, negative performances are also seen in other markets, S&P 500 is down to 4,145.58, losing 47.05 points, after ending the previous session around 4,192.63. After ending today's session at 19,678, Hang Seng lost 246.92 points and is trading around 19,431. Nasdaq lost 1.26% today and closed at 12,721.
Upcoming fundamentals: Germany Business Climate Index expected to decline to 93 while its preceding data was 93.6, data will be available tomorrow at 08:00 UTC.
