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March 16, 2023- 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.
- Market bulls strengthened by lower Bollinger Band® currently at 7,080.51
While in the midst of a 6 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at 6,885.71, CAC 40 is up to 7,025.72, which makes for a move of 2.03%/140 points today.
Having soared to a high of 7,373.21 approximately 10 days ago, CAC 40 is now trading 6.61% lower.
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. CAC's lower Bollinger Band® is at 7,080.51, indicating that the market is oversold and fertile for new buyers.
CAC 40 continues to move higher with technical analysis indicating the trend will continue in the short term.
CAC 40 shows positive signs, other assets are also on par: Nasdaq is up 2.48%. S&P 500 soars 1.72% to trade around 3,959.
Meanwhile, ASX 200 drops 1.46% to trade around 6,965.5.
Upcoming fundamentals: Euro Zone Consumer Price Index is expected tomorrow at 10:00 UTC.
