| 
March 08, 2023
- Next support is currently 7.12 points away at 7,317.64
- CAC 40's upper Bollinger Band® is at 7,416.59 which indicates a further downward move may follow.
CAC is on an 8 day uptrend — Bucking the trend and turning lower, in a range-bound session favoring short positions, CAC remains constrained in a 7,306 to 7,346.62 range and is currently trading close to 7,324.76.
The index has been trending positively for about 2 months. CAC hit a significant low of 15.42 around 5 months ago, but has since recovered 47,500%.
CAC's upper Bollinger Band® is at 7,416.59 which indicates a further downward move may follow. In contrast, CAC 40 could begin to recover as it approaches significant support, now 7.12 points away from 7,317.64. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CAC 40 to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CAC 40 is expected to attract significant bearish sentiment in the coming days.
Fundamental indicators – following a previous reading of 2.3%, GDP in Euro Zone released today at 10:00 UTC fell short of the 1.9% figure expected by analysts with an actual reading of 1.8%.
In the meantime, negative performances are also seen in other markets, Hang Seng drops 2.35% to trade around 20,051. KOSPI Composite Index is down to 2,432, losing 31.35 points, after closing at 2,463.35 in the preceding trading session. ASX 200 is down to 7,307.8, losing 56.9 points, after closing at 7,364.7 in the preceding trading session.
Upcoming fundamentals: France Non-Farm Payrolls (QoQ) (Q4) is scheduled for tomorrow at 06:30 UTC.
