CAC 40 Fails to Maintain Bullish Momentum
CAC 40 Daily Chart
(Created using Marketscope 2.0 Charts)
Losing Money Trading? This Might Be Why.
CAC 40 prices have failed to maintain their upward momentum this morning after today’s NFP news event. NFP was released better than expected at 242k, which initially causing global equities markets to rally. Currently, the CAC 40 is trading off its highs but has still advanced .65% on the day. Technical traders should continue to monitor today’s R4 Camarilla pivot point which is found at 4.4459. A move back above this value would signal a return towards bullish market conditions, as the CAC 40 attempts to close trading near its weekly high.
In the event that prices continue to trade lower, traders will look for the CAC 40 to decline back inside of today’s pivot range. The R3 range resistance pivot, displayed in the graph above, is found at a price of 4,447. A move back below this point on the chart would effectively signify an end to the current bullish market conditions. In this scenario, as prices begin to range, traders will watch for the CAC 40 to return towards the S3 pivot at a price of 4,422.
SSI (Speculative Sentiment Index) for the CAC 40 (Ticker FRA40) is little changed from our last report, and is currently reading at -1.02. With open interest remaining neutral, it suggests that there may be a period of consolidation for the Index.
To Receive Walkers’ analysis directly via email, please SIGN UP HERE
See Walker’s most recent articles at his Bio Page.
Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].
Contact and Follow Walker on Twitter @WEnglandFX.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.