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March 10, 2023
- Bollinger analysis indicates upper Band® is at 7,402.31
With around 10 days of flat trade under its belt, Pointing in a similar direction, yesterday's session was more of the same — CAC moves 0.12% to close at 7,316 yesterday.
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 47,400%.
CAC's upper Bollinger Band® is at 7,402.31, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests CAC 40 is positioned for a downward move in the near term.
Fundamental indicators – France Non-Farm Payrolls (QoQ) (Q4) released yesterday at 06:30 UTC with a figure of 0.2, while the previous figure was 0.4.
While CAC was pretty flat yesterday, mixed performances were seen elsewhere as ASX 200 lost 1.87% yesterday and closed at 7,311. After ending yesterday's session at 32,800, Dow Jones lost 545.14 points and is trading around 32,255. After ending yesterday's session at 19,926, Hang Seng lost 482.58 points and is trading around 19,443.
Upcoming fundamentals: Germany Consumer Price Index figure is projected at 8.7%. It previously stood at 8.7%; data will be released today at 07:00 UTC.
