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CAC 40 Trades Lower for 3rd Session

CAC 40 Trades Lower for 3rd Session

Walker England, Forex Trading Instructor

Talking Points

The CAC 40 is set to close lower for the third consecutive trading session this week, and is trading down -2.16% on the day. Prices have modestly rebounded from today’s low at 4,062.80, and are now trading back near the S4 pivot point at 4,086.19. If prices continue to trade under the S4 Camarilla pivot, it opens the Index up to trade to new weekly lows. Bearish breakout targets for the CAC 40 may be found by extrapolating a 1X extension of today’s trading range. This places initial targets for the Index near 4,261.70.

CAC 40, 30 Minute Chart with Pivots

(Created using Marketscope 2.0 Charts)

In the event of a bullish price reversal, traders may look for the CAC 40 to trade back inside of today’s trading range. Today’s range is depicted above, and begins as the S3 pivot at 4,116.50 pivot mentioned above. A move to this value would be significant, as it would suggest that bearish momentum for the day has at least been temporarily stymied. In this scenario, traders may begin to look for price action to trade towards values of resistance. That includes range resistance found at 4,177.11 and the R4 pivot at 4,207.41.

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

Sentiment for the CAC 40 (Ticker: FRA40) remains extreme with SSI (speculative sentiment index) reading at +4.57. With 82% of positioning long, this suggests that the CAC 40 may continue to trade lower. If the Index trades lower, SSI should remain at a positive extreme. Alternatively, if the CAC 40 begins to rally, traders may look for SSI to neutralize and move off of current extremes.

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