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May 22, 2023- MACD index suggests medium-term trend indication has become positive
- CAC 40's upper Bollinger Band® is at 7,559 which indicates a further downward move may follow.
12 days of flat trading were interrupted with a selloff, Today's session suggests a further slowdown — CAC is down to 7,467.27, after ending Friday at 7,492. Overall, a 0.33% loss or 24.73 points today.
The index has been trending positively for about 2 months. CAC 40 hit a significant low of 15.42 around 8 months ago, but has since recovered 48,500%.
With regards to technical trend indicators, chart analysis show that despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator. Analysis based on the asset volatility indicates that CAC's upper Bollinger Band® is at 7,559 which indicates a further downward move may follow.
All in all, the technical analysis suggests CAC has no clear-cut direction.
Positive performances can be seen by looking at other markets as Nikkei is up 0.9%. Hang Seng gained 1.17% and is now trading at 19,678. Having closed the previous session at 2,537.79, KOSPI Composite Index is up 0.76% today to currently trade at around 2,557.
Upcoming fundamentals: Germany Manufacturing PMI is expected tomorrow at 07:30 UTC.
