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May 10, 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.
- Falling prices have precipitated CAC's approach to its lower Bollinger Band® at 7,291.24
4 days of flat trading were interrupted with a selloff, Today's session suggests a further slowdown — CAC 40 ended yesterday's trading session by losing 0.5% and is now trading at 7,360.49.
The index has been trending positively for about a month. CAC has recovered 47,871% since descending to a significant low of 15.42 around 7 months ago.
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. Bollinger Bands® shows an indication of recovery: the lower band is at 7,291.24, a low enough level to, generally, suggest that CAC is trading below its fair value.
Despite suffering losses in today's session, technical analysis is indicating that CAC 40 will undergo a significant bounce in the immediate term.
Fundamental indicators – Germany Consumer Price Index released today at 06:00 UTC with a figure of 0.4%, while the previous figure was 0.8%.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index is down 13.49 points from the beginning of the session and now trades around 2,496.51.
Positive performances can be seen by looking at other markets as Nasdaq added 1.15% to its value, now trading at 12,319. S&P 500 ascends 0.55% to trade around 4,141.68.
Upcoming fundamentals: Germany Buba Wuermeling speech is scheduled today at 15:00 UTC.
