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May 30, 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.
- A crossing of the lower Bollinger Band® at 7,254.63 suggests further losses may follow for CAC.
While on a 5 day slump, falling a total of 3.77%, More of the same today: CAC 40 is down to 7,209.75, after ending Friday at 7,303.81. Overall, a 1.29% loss or 94.06 points today.
The index has been trending lower for about a month. CAC 40 is up 47,266% from the significant low of 15.42 it hit 8 months ago.
CAC has just crossed the lower Bollinger Band® at 7,254.63, indicating further losses could be forthcoming. On the other hand, note that 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.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for CAC.
Fundamental indicators – Italy 10-Year BTP Auction released today at 09:25 UTC with a figure of 3.79, while the previous figure was 3.77.
In the meantime, negative performances are also seen in other markets, FTSE is down 105.2 points from the beginning of the session and now trades around 7,522. Dow Jones closed at 32,939 (down 0.47%).
Other assets are showing positive performances as having closed the previous session at 2,558.81, KOSPI Composite Index is up 1.04% today to currently trade at around 2,585.52.
Upcoming fundamentals: Germany Unemployment Change is projected to outperform its last figure with 14,000, having previously been at 24,000. The figure will be published tomorrow at 07:55 UTC.
