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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
  • There is a ridiculous number of scheduled Fed speeches on the docket next week. Powell specifically will be speaking multiple times including at an ECB hosted forum on central banking (which also has a panel with Fed, ECB, BOE and BOJ heads)
  • USD Ascending Triangle, Bullish for Q4 - #DXY chart on @TradingView https://t.co/iCnRSo9N4V
  • Credit rating agency Standard & Poor's is due to give its sovereign credit rating update on Germany today ahead of weekend national elections
  • RT @BIS_org: Since the early 1990s, changes in the #MonetaryPolicy stance have affected a rather narrow set of prices – mostly in the servi…
  • Huawei's CFO Meng Wanzhou reached deal with the US Dept of Justice to return her to China - Dow Jones
  • Cleveland Fed President Loretta Mester says: - sees US GDP in 2022 between 3.75 and 4% - Supports tapering in November and concluding over the first half of 2022 - After liftoff, accommodative policy needed for some time
  • Fed Chairman Jerome Powell doesn't comment on the growth forecast or monetary policy in his introductory remarks
  • Kansas City Fed President Esther George says: - The labor market friction is fading barring a resurgence of virus - A 'normal' economy is likely to remain elusive for some time - Asset buying effects complicate the judging rate change plan
CAC 40 Continues to Slide From Resistance

CAC 40 Continues to Slide From Resistance

Walker England, Forex Trading Instructor

Talking Points

  • CAC 40 Fails at the 200 Day SMA
  • Current Daily Support is Found Near 4,302.50
  • If you are looking for more trading ideas for equities markets, check out our Trading Guides

The CAC 40 is declining for the third consecutive trading session, after being rejected Friday from its 200 Day SMA (Simple Moving Average) at 4,454.00. For the session, the CAC 40 is trading down -1.51%. Of the 40 listed components, BNP has had the biggest daily decline trading down -4.20%. The next daily swing low for the CAC 40 may be found near 4,302.50. If prices rally above this value, the CAC 40 may rebound to retest the previously mentioned SMA. Alternatively, a daily break below this point may open up the Index for a larger decline.

CAC 40, Daily Chart

CAC 40 Continues to Slide From Resistance

Short-term technical levels for the CAC 40 include over the S4 Camarilla pivot, at 4,352.04. Price has currently retraced to this value, and as long as price remains below it, the CAC 40 may maintain its bearish momentum. If price trades back above 4,352.04, it opens the Index to move back inside of today’s trading range. The pivot range for today’s session begins at 4.369.17 and concludes at the R3 pivot at 4,403.43. A move back inside of this range would be significant, as it would suggest a change in momentum for the Index. A continued bullish move may also expose the R4 pivot, which is currently located at a price of 4,420.57.

CAC 40, 30 Minute Chart

CAC 40 Continues to Slide From Resistance

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

Traders tracking sentiment should note that SSI for the CAC 40 (Ticker: FRA40) reads at -1.34. With 57% of positioning short, this creates a bias towards further advances in price. In the event that prices breakout higher, SSI figures should move towards a negative extreme of -2.0 or more. Alternatively, in the event of a bearish reversal traders should look for SSI to move towards values that are more neutral.

CAC 40 Continues to Slide From Resistance

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