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June 03, 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.
- Market bulls strengthened by lower Bollinger Band® currently at 7,191.54
CAC jumps 1.87% to close at 7,270.69 yesterday.
The index has been trending lower for about a month. CAC hit a significant low of 15.42 around 8 months ago, but has since recovered 46,200%.
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's lower Bollinger Band® is at 7,191.54, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems CAC likely to continue pointing upward in the short term.
Fundamental indicators – Euro Zone CFTC EUR speculative net positions released yesterday at 20:30 UTC with a figure of 165,700, while the previous figure was 173,700.
CAC shows positive signs, other assets are also on par: Hang Seng added 4% and closed around 18,217 yesterday. Dow Jones is trading around 33,763 after ending yesterday's session at 33,062 (up 2.12% today). FTSE soars 1.56% yesterday and closed at 7,490.27.
