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May 02, 2023- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
While on a 5 day slump, falling a total of 1.86%, More of the same today: CAC gets off to a bad start this session by dropping 0.74% and trading at 7,435.71.
The index has been trending positively for about a month. CAC hit a significant low of 15.42 around 7 months ago, but has since recovered 48,483%.
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.
Looking forward, CAC is poised to extend its strong downtrend and continue declining.
Fundamental indicators – Euro Zone Consumer Price Index released today at 09:00 UTC with a figure of 7%, while the previous figure was 6.9%.
In the meantime, negative performances are also seen in other markets, ASX 200 closed at 7,267.4 (down 0.92%). Dow Jones is down to 33,876, losing 176 points, after closing at 34,052 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at 2,501.53, KOSPI Composite Index is up 0.91% today to currently trade at around 2,524.39.
Upcoming fundamentals: Euro Zone Unemployment Rate figure is projected at 6.6. It previously stood at 6.6; data will be released tomorrow at 09:00 UTC.
