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July 04, 2023- Next support is currently 5.57 points away at 7,373.4
- Bollinger analysis indicates upper Band® is at 7,426.73
Stable at 7,379 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — without a clear direction, CAC closed at 7,379 while ranging between 7,375.45 and 7,401.46.
The index has been trending positively for about a month. Having set a significant low of 15.42 9 months ago, CAC 40 is trading 47,800% higher.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. CAC's upper Bollinger Band® is at 7,426.73, suggesting that a downward move may follow. Despite this, CAC is approaching key support, around 5.57 points away from 7,373.4. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, CAC is positioned for a downward move in the short term.
Fundamental indicators – Spain Unemployment Change improved upon its previous reading of -49,300 with a new data release of -50,300.
While CAC was pretty flat yesterday, mixed performances were seen elsewhere as Nikkei lost 0.98% yesterday and closed at 33,753. Notably, ASX 200 rose 0.45% yesterday and closed at 7,246. KOSPI Composite Index stumbles 0.35% yesterday and closed at 2,602.47.
Upcoming fundamentals: Euro Zone Composite PMI is expected tomorrow at 08:00 UTC.
