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April 23, 2023
- The MACD line is significantly above the MACD signal line
- The lower Bollinger Band® is currently at 7,113 while the higher band is at 7,652.57
Keeping up its 13 days of climbing (+527.21 points), CAC lived up to expectations Friday by maintaining its set course — CAC increases 0.51% to close at 7,577 Friday.
The index has been trending positively for about a month. CAC 40 hit a significant low of 15.42 around 7 months ago, but has since recovered 48,800%.
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. Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,652.57, thereby suggesting that CAC is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for CAC.
At the same time, Hang Seng is down to 20,076, losing 324.27 points, after ending the previous session around 20,400. KOSPI Composite Index is down to 2,544.4, losing 18.6 points, after ending the previous session around 2,563. ASX 200 is down to 7,330.4, losing 31.8 points, after ending the previous session around 7,362.2.
Upcoming fundamentals: Germany Business Climate Index is projected to outperform its last figure with 94, having previously been at 93.3. The figure will be published tomorrow at 08:00 UTC.
