News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/xwtE3mUyHw
  • Japanese Finance Minister Aso says overall the financial system is stable - BBG
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/3:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here: https://t.co/wi1qabrtHJ https://t.co/jNyYJ2yATp
  • South Korean President Moon Jae-in: - Revised GDP shows swift economic recovery underway - Retail investors have supported the South Korean stocks markets - BBG
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/mAKl7spDmH
  • Wall Street Futures Update: Dow Jones (+0.513%) S&P 500 (+0.628%) Nasdaq 100 (+0.755%) [delayed] -BBG
  • Net exports were the biggest drag on Australia's GDP in over 9 years in Q3, according to data released today. #RBA on tap today, full Q3 #GDP report due Wednesday
  • 🇦🇺 Building Permits MoM Prel (OCT) Actual: 3.8% Expected: -3% Previous: 16.2% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇦🇺 Building Permits MoM Prel (OCT) Actual: 3.8% Expected: -3% Previous: 15.4% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇰🇷 Markit Manufacturing PMI (NOV) Actual: 52.9 Previous: 51.2 https://www.dailyfx.com/economic-calendar#2020-12-01
CAC 40 Consolidates to End Week

CAC 40 Consolidates to End Week

2016-04-15 13:32:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • The CAC 40 Trades Down -.63%
  • Daily Price Consolidates Inside of Support & Resistance
  • SSI Reads at +1.2

CAC 40 Daily Chart

CAC 40 Consolidates to End Week

(Created using Marketscope 2.0 Charts)

What is next for the equities market? Click HERE for our analysts Free forecast!

The CAC 40 is trading lower this morning, and is currently down -.63% on the day. The index is currently trading just under this month’s high, which was printed yesterday at a price of 4,517. It is important to note that the CAC 40 is also set to close the week with an inside bar. With price action failing to breakout to a new high, yesterday’s daily high is currently acting as resistance. Conversely, price action has also filed to breakout below yesterday’s low. This low is currently acting as support of the Index and can be found in the image above at 4,472.

In the event that the CAC 40 breaks to a new high or low, traders may use ATR to plan potential price projections for the Index. Currently 1X daily ATR reads at 82. This places bullish breakout projections near 4,599. Alternatively, bearish breakout targets may be tentatively be found near 4390. If prices fail to breakout on Monday’s open, it may signal further consolidation in global equities markets. In this scenario, traders may wait for a breakout to enter into the market, or opt to look for range trading opportunities as the CAC 40 continues to trade between support and resistance.

SSI (speculative sentiment index) for the CAC 40 (Ticker: FRA40) is currently reading +1.2. This value has increased significantly from Wednesday’s reading of -1.66. This flip in sentiment is significant as it has coincided with the CAC 40 printing new monthly highs. If prices reverse and break lower, traders should watch SSI to reach for an extreme of +2.0 or higher. Conversely if prices move towards higher highs, it would be expected to see SSI flip back to a negative value.

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.

DISCLOSURES