The CAC 40 index extended beyond 7,400 points, breaking previous highs set in March 2023 and January 2022.
Since the start of 2023, the index is up by 13.7%, having risen by 30% from the mid-October 2022 lows.
Read also: France Eyeing Antitrust Action Against Apple
Luxury Brands Pushed Cac 40 To Its All-Time Highs
Luxury brands were a key factor in driving up French equities, contributing the most to the index's overall gain.
Year to date, LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMHF) is up 24%, while Hermes International S.C.A. ADR (OTC:HESAY) is up 30%.
CAC 40 Technical Analysis: Bearish RSI Divergence Forming
Technically, a bearish RSI divergence is forming in the CAC 40, as prices reached new highs while the momentum indicator trended lower.
A bearish RSI divergence may suggest an exhaustion of the upward trend and should caution traders looking for short-term gains following the impressive recent rise.
The French main stock market index is now trading 3% and 13% higher than its 50-day and 200-day moving averages.
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