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March 01, 2023
- CAC breaks 4.69 points below established support around 7,239
- CAC 40 looks below 7,224.52 (21 day Simple Moving Average) as signpost for new negative trend
While CAC is on a 3 day uptrend Now turning against its recent performance, struggling to find upward momentum, CAC has shed 33.75 points to currently trade at 7,234.25 as it ranges between 7,219.4 and 7,327.29 so far today.
The index has been trending positively for about 2 months. CAC has recovered 47,033% since descending to a significant low of 15.42 around 5 months ago.
Trend and momentum analysis indicates that CAC made an initial break below its 21 day Simple Moving Average at 7,224.52, a possible indication of a forthcoming negative trend. Technical chart analysis shows CAC pushed below the 7,239 support level and extended 4.69 points beyond it.
Overall, while CAC has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – Germany Consumer Price Index released today at 13:00 UTC with a figure of 8.7%, while the previous figure was 8.7%.
Other assets are showing positive performances as having closed the previous session at 19,800, Hang Seng is up 4.21% today to currently trade at around 20,620. FTSE goes up 0.49% to trade around 7,915. KOSPI Composite Index is up 0.42%.
Upcoming fundamentals: Euro Zone Consumer Price Index is expected tomorrow at 10:00 UTC.
