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March 12, 2023
- The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook.
- Falling prices have precipitated CAC's approach to its lower Bollinger Band® at 7,188.67
CAC has lost 2.07% over the last 5 days. Friday's session continued the recent downtrend: CAC goes down 1.3% to close at 7,220.67 Friday.
The index has been trending positively for about 2 months. After hitting an important low of 15.42 approximately 5 months ago, CAC has bounced back 47,344% since.
The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. CAC 40's lower Bollinger Band® is at 7,188.67, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems CAC 40 is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, ASX 200 drops 2.28% Friday and closed at 7,311. Hang Seng falls 3.04% Friday and closed at 19,926. After ending Friday's session at 7,880, FTSE lost 131.65 points and is trading around 7,748.35.
Upcoming fundamentals: Euro Zone Eurogroup Meetings is scheduled for tomorrow at 10:00 UTC.
