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The CAC 40 Trades to Resistance at 4,354.40

The CAC 40 Trades to Resistance at 4,354.40

Walker England, Forex Trading Instructor


Talking Points

The CAC 40 is trading higher for the fourth consecutive day, and is up +.053% on the session. Nokia is leading today’s advance, and is trading up +4.17%. Currently, the Index is testing daily resistance near the R3 pivot at a price of 4,354.40. If price action turns at this point, it opens the CAC 40 up to testing areas of support, which includes the S3 pivot at 4,302.20. A retracement in price to this value would be significant, as it would cause the CAC 40 to potentially close lower for the first time this week.

CAC 40, 30 Minute Chart with Pivots

(Created using Marketscope 2.0 Charts)

Traders looking for a bullish continuation breakout may look for price to trade over R3 resistance towards today’s R4 pivot at 4,380.50. Traders may find initial bullish targets near 4406.6 by extrapolating a 1X extension of today’s 52.20 point range. Alternatively, in the event of a bearish reversal, traders may look for bearish breakouts beneath the S4 pivot at 4,276.10.

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 +2.40. This value remains positive, but has pulled back from last weeks reported value of +3.35. However, with 71% of positioning currently long, this SSI reading suggests that the CAC 40 may continue to trade higher. Alternatively, in the event of a bearish reversal, traders should look for SSI to decline further from its current extremities.

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