- Next support is currently 57.19 points away at 6,635.34
- 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.
Stable at 6,692.53 and still trending upwards, Today's session might suggest a slow down — after dropping down to 6,642.44, CAC recovers some losses and is currently trading at 6,692.53.
The index has been trending positively for about a month. CAC 40 has recovered 43,271% since descending to a significant low of 15.42 around 2 months ago.
Technical analysis trend indicators suggest that 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. According to asset volatility analysis, CAC 40's upper Bollinger Band® is at 6,771.77, suggesting that a downward move may follow. As the trading day commences, technical analysis suggests CAC 40 is approaching key support, around 57.19 points away from 6,635.34. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, while CAC has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – Euro Zone GDP beat analyst expectations of 0.2 and the previous reading of 0.2 with new data of 0.3.
Meanwhile, mixed performances are seen elsewhere as Hang Seng closed at 18,800 (down 3.22%). ASX 200 withdraws 0.85% to trade around 7,229.4. Nikkei goes down 0.72% to trade around 27,700.
Upcoming fundamentals: Euro Zone ECB President Lagarde speech is scheduled tomorrow at 12:00 UTC.