CAC 40: Continued rebound

(News Bulletin 247) – A powerful rebound from the United States should boost the Parisian index today. Indeed, the Magnificent 7 of 2023 as well as a large part of the American rating formed a significant rebound yesterday after a week of consolidation. Investors are now awaiting the next macroeconomic and microeconomic publications which will accelerate at the end of the week. In the short term, despite excellent statistics from the American economy, synonymous with a plateau in the level of rates, the markets are focusing on good news such as the sharp drop in the barrel. Saudi Arabia lowered the price of its oil, which reignited concerns about demand and dissension within OPEC. The company Aramco is said to have lowered the price for February of its light crude intended for Asian customers, to the lowest level in more than two years. Oil stocks like Total Energies, Maurel Et Prom and Vallourec fell yesterday. Today, no important statistics should parasitize the optimism of operators. We will keep an eye on the unemployment rate in Europe expected at 11:00 a.m. To be continued today: Trigano which announced its turnover which came to 931.6 million euros, an increase of 19.1% over one year.

KEY GRAPHIC ELEMENTS

Technically the Parisian index forms a rebound as anticipated yesterday on the support of 7400 points. The next bullish objective is the rally of the moving average at 20 daily periods. All declines therefore constitute buying opportunities.

FORECAST

Considering the key graphical factors that we have mentioned, our opinion is positive on the CAC 40 index in the short term.

This bullish scenario is valid as long as the CAC 40 index is above support at 7406.00 points.

Hourly graph

Daily Data Chart