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June 07, 2023- 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.
- The lower Bollinger Band® is currently at 7,139.25 while the higher band is at 7,560.46
Stable at 7,202.79 and still trending upwards, Today's session might suggest a slow down — CAC trades at 7,202.79, after ending yesterday at 7,209.
The index has been trending lower for about a month. CAC hit a significant low of 15.42 around 8 months ago, but has since recovered 46,651%.
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. CAC 40's upper Bollinger Band® is at 7,560.46 and the lower is 7,139.25.
Overall, looking at the technical analysis landscape, it seems CAC might be pointing upward in the short term.
Fundamental indicators – Germany Industrial Production released earlier showed a marked improvement to 0.3% from the preceding data of -2.1%, but fell short of the 0.6% figure forecast by a consensus of market analysts.
While CAC is pretty flat so far today, mixed performances are seen elsewhere as after ending yesterday's session at 32,500, Nikkei lost 600 points and is trading around 31,900. Nasdaq closed at 13,125 (down 1.14%). Hang Seng increases 0.8% to trade around 19,252.
Upcoming fundamentals: Euro Zone GDP projected to come out at zero — worse than previous data of 0.1; data will be released tomorrow at 09:00 UTC.
