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CAC 40 Trades Sideways Into the Weekly Close

CAC 40 Trades Sideways Into the Weekly Close

2016-07-22 13:20:00
Walker England, Forex Trading Instructor

Talking Points

  • CAC 40 Consolidates in a 100 Point Range
  • Current Resistance for the CAC 40 is Found at 4,400
  • If you are looking for more trading ideas for equities markets, check out our Trading Guides

The CAC 40 is little changed in today’s trading and is up just .09% on the session. Orange telecom is leading the Index, trading up +2.36 %. Today’s minor advance marks the fifth consecutive day of consolidation for the CAC 40. Pending an aggressive move into the weekly close, the Index will remain inside of key values of daily support at 4,300 and resistance at 4,400.

CAC 40, Daily Chart

CAC 40 Trades Sideways Into the Weekly Close

(Created using Marketscope 2.0 Charts)

Technically the CAC 40 is finding intraday resistance at the R4 Camarilla pivot point, at 4,384. If price breaks above this value, it opens the Index up to make an attempt on the daily point of resistance mentioned previously. If the CAC 40 is rejected here, traders should look for price action to fall back inside of today’s trading range. This range is depicted below and begins at 4,369. A move under the R3 pivot here suggests that the CAC 40 may continue to decline and then continue to test values of support. S3 support is found at 4,342, and the S4 pivot resides at 4,327 for the session.

CAC 40, 30 Minute Chart

CAC 40 Trades Sideways Into the Weekly Close

(Created using Marketscope 2.0 Charts)

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

Sentiment for the CAC 40 (Ticker: FRA40) is practically flat with SSI (speculative sentiment index) reading at -1.14. This value remains slightly negative with 53% of positioning short relative to 47% long. If SSI remains neutral, it may suggest further consolidation for the CAC 40. Alternatively, if prices breakout higher, SSI may shift towards a more negative extreme. Alternatively, if prices break under support, traders may look for SSI to flip to a positive reading.

CAC 40 Trades Sideways Into the Weekly Close

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