(News Bulletin 247) – The European indices are not letting go of their rebound and are preparing to once again test the resistance above their heads while the PMI indices are expected today. Between 9:00 a.m. and 11:00 a.m. a battery of PMIs throughout Europe will be published and will provide information on the good performance, or not, of manufacturing activity and in services. On the microeconomic level, Virbac will be monitored in particular. Indeed, the veterinary laboratory has confirmed its objectives for 2023, after having reached its profitability forecast in 2022. The net result group share amounted to 122 million euros, against 113.2 million euros in 2021. Turnover amounted to 1.22 billion euros, up 9.6% at constant exchange rates and perimeter. Casino and Rallye should also be in the spotlight, but for the wrong reasons. The financial rating agency Moody’s lowered its rating on the Casino group from “B3” to “Caa1”, with a negative outlook. In 2022, if the net debt of Rallye remained stable at 2.82 billion euros, that of Casino, it stands at 6.37 billion euros, an increase of 512 million euros. Both titles showed sharp declines in the session yesterday. In the afternoon, the American PMIs will take over and could drive the trend this time.

KEY GRAPHIC ELEMENTS

The Parisian index is under resistance in the short term. The 20 and 50 period moving averages still play their role of resistance too. We will monitor the declines towards 7000 points to start buying again in the short term.

FORECAST

In view of the key graphic factors that we have mentioned, our opinion is negative on the CAC 40 index in the short term.

This bearish scenario is valid as long as the CAC 40 index is trading below the resistance at 7225.00 points.

The News Bulletin 247 board

CAC 40
Negative
Resistance(s):
7225.00 / 7422.00
Medium(s):
7000.00 / 6740.00 / 6420.00

Hourly data chart

Graphic made from the software Prorealtime

Chart in daily data

CAC 40: The CAC40 awaits PMIs (©ProRealTime.com)
Graphic made from the software Prorealtime



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