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April 29, 2023- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
While on a 5 day downtrend A slight improvement can be seen from yesterday's session: CAC 40 moves 0.1% to close at 7,491.5 yesterday.
The index has been trending positively for about a month. 7 months ago, CAC fell to a low of 15.42 but has since recovered 48,433%.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Despite the market lacking direction, technical chart analysis strongly suggests CAC is positioned for a downward move in the near term.
Fundamental indicators – Germany Unemployment Change published yesterday at 07:55 UTC came out at 24,000, falling short of the 10,000 projections and continuing its decline from the previous 16,000 figure.
While CAC 40 was pretty flat yesterday, mixed performances were seen elsewhere as Nikkei went up by 1.4% yesterday, and closed at 28,856. Dow Jones is trading around 34,100 after ending yesterday's session at 33,826 (up 0.8% today). FTSE improves 0.5% yesterday and closed at 7,831.58.
