Closing Bell | Tech analysis points to new bearish phase for CAC as it runs out of steam around 7,357.68

• The lower Bollinger Band® is currently at 7,025.21 while the higher band is at 7,411

CAC 40 continues a 12 day uptrend, gaining a total of 2.78%. Yesterday's session pointed in the same direction — CAC 40 climbs 0.25% to close at 7,317.43 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 47,236%.

CAC's upper Bollinger Band® is at 7,411, this is a slight indication of a slowdown.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates CAC 40 is set for a reversal in the coming days.

Fundamental indicators – GDP in Germany fell short of market expectations (-0.2) with a reading of -0.4, continuing the decline from the previous figure of 0.5.

CAC shows positive signs, other assets are also on par: Nikkei increases 1.29% yesterday and closed at 27,100.

Meanwhile, Hang Seng is down to 20,100, losing 251.35 points, after ending the previous session around 20,351. KOSPI Composite Index is down to 2,423.61, losing 15.39 points, after ending the previous session around 2,439.

Upcoming fundamentals: France GDP is expected today at 07:45 UTC.