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June 22, 2023- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
- Lower Bollinger Band® at around 7,090.83
CAC 40 has been losing ground for 3 days, shedding a total of 2.83% of its value. Similar trend today: CAC 40 ended yesterday's trading session by losing 0.96% and is now trading at 7,191.
9 months ago, CAC 40 fell to a low of 15.42 but has since recovered 47,000%.
Concerning technical analysis and more specifically, trend indicators, 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. Analysis based on the asset volatility indicates that CAC 40's lower Bollinger Band® is at 7,090.83, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests CAC 40 has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, ASX 200 is down 119.5 points from the beginning of the session and now trades around 7,195.5. After ending yesterday's session at 19,600, Hang Seng lost 381.65 points and is trading around 19,218. After ending yesterday's session at 7,559.18, FTSE lost 66.95 points and is trading around 7,492.23.
Upcoming fundamentals: Spain GDP is projected to outperform its last figure with 0.5. It previously stood at 0.2; data will be released tomorrow at 07:00 UTC.
