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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • $EURUSD Daily Pivot Points: S3: 1.0809 S2: 1.0858 S1: 1.0881 R1: 1.093 R2: 1.0957 R3: 1.1007 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The Hang Seng suffered its worst day since 2015 on Friday on China anti-sedition proposal. Get your market update from @FxWestwater here:https://t.co/CMQ1UTewiF https://t.co/FSeumhbZn3
  • Trump says he will announce action on China before the week is over - BBG
  • Alright, so a breakout higher then in my #WallStreet index despite negative RSI divergence. This may have opened the door to revisiting peaks in average US stock prices from early March. Rising support from mid-May seems to be guiding the index higher (pink line) https://t.co/2dbegpLr7v
  • BOC's Poloz: - Policy from fiscal and monetary side set base for economic recovery - Uncertainty around virus remains -BBG
  • 🇰🇷 Business Confidence Actual: 49 Previous: 52 https://www.dailyfx.com/economic-calendar#2020-05-26
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.69% 🇳🇿NZD: 1.60% 🇨🇦CAD: 1.50% 🇪🇺EUR: 0.78% 🇨🇭CHF: 0.65% 🇯🇵JPY: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/QHpL43u1ca
  • archive of today's webinar ready to go https://t.co/dCPU3X7BvY
  • Trump says virus vaccines and remedies are going to be here 'very shortly' - BBG
  • Heads Up:🇰🇷 Business Confidence due at 21:00 GMT (15min) Previous: 52 https://www.dailyfx.com/economic-calendar#2020-05-26
CAC 40 Dives on Open

CAC 40 Dives on Open

2016-06-24 09:17:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • CAC 40 Opens Lower on UK “Brexit” Vote
  • First Support is Found at 4,024.47
  • If you are looking for more trading ideas for equities markets, check out our Trading Guides

The CAC 40 has opened down -9.99% on the day, as world equities markets move lower on news that the UK has voted for a “Brexit” in yesterday’s EU referendum. Of the 40 listed components, 39 are trading lower at the open. Societe General is leading the decline, and is trading down -21.3% on the open. As today’s dramatic move plays out, traders are left looking for key technical value to determine if the CAC 40 can find support before this week’s trading closes.

CAC 40 , 30 Minute Chart with Classic Pivots

CAC 40 Dives on Open

(Created using Marketscope 2.0 Charts)

Market technicians should note, there are multiple points to watch this Friday due to the markets extreme open. Currently, price action is rising off of today’s low at 3,925.50. So far the Index has rebounded through the psychological 4,000 value and today’s S4 pivot at 4,024.47. As the market retraces, traders should monitor the S3 pivot at 4,168.47. This value is currently acting as resistance for the CAC 40, and a move through this point opens the Index up for a broader reversal. Alternatively, if prices stay under this point, traders may look for a potential resumption of today’s downtrend.

CAC 40 Dives on Open

Find out real time sentiment data with the DailyFX’s sentiment page.

Sentiment for the CAC 40 (Ticker: FRA40) has flipped positive this morning, with SSI (speculative sentiment index) now reading at an extreme +3.79. This change is significant as now 79% of positioning is long the market. In the event that the CAC 40 declines further, traders should look for SSI to remain at a positive extreme. Alternatively in the event of a bullish reversal, SSI should neutralize and move away from its current extreme value.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.