CAC 40 Retraces From Weekly Highs
- CAC 40 Intraday Support Found at 4,480.75
- Bearish Breakouts May Begin Under Support at 4,453.19
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The CAC 40 is trading lower on the session (-0.55%), and is set to close the weeks trading under the weekly high of 4,530.00. AcelorMittal continues to lead the Index, and is trading up +.1.99%. Alternatively, Safran has the markets largest daily decline of -0.60%. Technically today’s decline in price suggests that the CAC 40 may finally be finding resistance after advancing for the 4 previous sessions this week.
CAC 40, 30 Minute Chart with Pivots
(Created using Marketscope 2.0 Charts)
Intraday, the CAC 40 is finding support near include today’s S3 pivot found at 4,480.75. If prices remain supported here, it suggests that the index may bounce into the close of trading. If prices begin to rise, traders should note that today’s R3 pivot is providing resistance at 4,535.86. A sustained rally through this value would be significant as the CAC 40 would then be trading at new weekly highs. Alternatively, if prices fail to bounce, bearish breakouts may begin under the final value of support at 4,453.19. A breakout below this point would suggest that this week’s bullish momentum has subsided, allowing traders to begin looking for a further retracement or potential price reversal next week.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.