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June 05, 2023- The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook.
- Market bulls strengthened by lower Bollinger Band® currently at 7,191.54
CAC 40 soars 1.87% to close at 7,270.69 Friday.
The index has been trending lower for about a month. After hitting an important low of 15.42 approximately 8 months ago, CAC 40 has bounced back 46,200% since.
The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. CAC's lower Bollinger Band® is at 7,191.54, indicating that the market is oversold and fertile for new buyers.
With all probabilities considered, today's gains in CAC have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
Other markets are also showing gains as notably, Dow Jones rose 2.12% Friday and closed at 33,062. FTSE added 1.56% and closed around 7,490.27 Friday. ASX 200 goes up 1.09% Friday and closed at 7,145.
Upcoming fundamentals: Euro Zone Retail Sales is projected to outperform its last figure with 0.2%, having previously been at -1.2%. The figure will be published tomorrow at 09:00 UTC.
