Closing Bell | Tech analysis points to new bearish phase for CAC as it runs out of steam around 7,358

• Upper Bollinger Band® currently at 7,416.55

CAC is on a 6 day uptrend, gaining a total of 2.24%. On-trend CAC 40 closed the session yesterday with more of the same: CAC goes up 0.88% to close at 7,348 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 47,139%.

CAC's upper Bollinger Band® is at 7,416.55, this is a slight indication of a slowdown.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest CAC is set for a reversal in the coming days.

Fundamental indicators – Euro Zone CFTC EUR speculative net positions released yesterday at 20:30 UTC with a figure of 165,000, while the previous figure was 150,500.

CAC shows positive signs, other assets are also on par: S&P 500 surges 1.61% yesterday and closed at 3,981.35. Nikkei rises 1.56% yesterday and closed at 27,500. Nasdaq goes up 1.97% yesterday and closed at 11,463.