Intraday Tech Focus | Troubling times for CAC 40 as price action retreats with more declines forecast

• CAC 40's upper Bollinger Band® is at 7,443 which indicates a further downward move may follow.

CAC 40 is on a 4 day uptrend — Bucking the trend and turning lower, CAC 40 is down to 7,316.3, after ending yesterday at 7,345. Overall, a 0.39% loss or 28.7 points today.

Having set a significant low of 15.42 6 months ago, CAC 40 is trading 47,533% higher.

CAC's upper Bollinger Band® is at 7,443 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts CAC 40 to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CAC is expected to attract significant bearish sentiment in the coming days.

Fundamental indicators – Euro Zone Composite PMI released today at 08:00 UTC with a figure of 53.7, while the previous figure was 52.

In the meantime, negative performances are also seen in other markets, Nikkei closed at 27,800 (down 1.68%). After ending yesterday's session at 12,126, Nasdaq lost 126.33 points and is trading around 12,000.

Other assets are showing positive performances as FTSE improves 0.37% to trade around 7,663.

Upcoming fundamentals: tomorrow at 06:00 UTC data for Germany Industrial Production will be released, with an expected decline to 0.1% from the preceding figure of 3.5%.