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June 02, 2023- 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.
- Market bulls strengthened by lower Bollinger Band® currently at 7,195
CAC 40 rose 90.57 points to close at 7,228 yesterday which makes for a move of 1.27%.
The index has been trending lower for about a month. CAC 40 is up 46,200% from the significant low of 15.42 it hit 8 months ago.
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. CAC 40's lower Bollinger Band® is at 7,195, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems CAC likely to continue pointing upward in the short term.
Fundamental indicators – Euro Zone Consumer Price Index released yesterday at 09:00 UTC with a figure of 6.1%, while the previous figure was 7%.
CAC shows positive signs, other assets are also on par: Hang Seng rallies 4% yesterday and closed at 18,217. FTSE went up by 1% yesterday, and closed at 7,565.42. KOSPI Composite Index increases 1.25% yesterday and closed at 2,569.17.
Upcoming fundamentals: Euro Zone CFTC EUR speculative net positions scheduled to come out today at 20:30 UTC.
