CAC40 LOOKING MIXED/BEARISH AMID EARNINGS AND TRADE TENSIONS
CAC 40 is currently trading at 5474.62 and is up by 0.24% from the previous closing price.Its component BNP Paribas has reported a net income growth of 53% from the previous quarter at 2.39 billion euros on Wednesday and said that it is currently in no mood to expand. Its shares are currently down by 0.6%. ArcelorMittal, another component, also reported quarterly results on Wednesday and its earnings beat market expectations. Its stocks were up by 2%.
On the technical front, the RSI is currently at 57.03% and suggests that the market can continue trading sideways. The %K has crossed the % D from above to the downside at 79%, and this suggests that the market can move in the downward direction. . The price is also below the middle line of the Bollinger bands and is going upwards. The current price is below the 5 day moving average. So,overall it is looking mixed to bearish.
Trade Suggestion-Sell At: 5485, Take Profit At: 5465 Stop Loss At: 5495