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CAC 40 Rejected at Daily Resistance

CAC 40 Rejected at Daily Resistance

2016-09-29 14:55:00
Walker England, Forex Trading Instructor

Talking Points

  • CAC 40 Rejected at 4,500
  • Intraday CAC 40 Support Found at 4,452.56
  • What’s next for the equities market? Learn more with our Trading Guide

The CAC 40 is trading up this morning, advancing +0.72% so far in today’s session. This morning’s advance has been led by Technip, which is currently trading up +6.03%. The largest CAC 40 decline on the day stands with Publicis Groupe, which is trading down -.88%. Technically, the Index has again failed to breach daily resistance at 4,500. As prices turn lower, it opens up the Index to retest short-term values of intraday support.

CAC 40, Daily Chart

CAC 40 Rejected at Daily Resistance

(Created with TradingView Charts)

Intraday, the first value of support for the CAC 40 may be found near 4,452.56. If the Index drops below this value, it may suggest that today’s decline is part of a larger retracement. Bearish breakouts may be signaled under 4,433.12. A move through this point would suggest that the CAC 40 might move to the next daily values of support including 4,412.30 and 4,361.80. It should be noted that if price remain supported, that intraday bullish breakouts might begin above today’s R4 pivot at 4,510.89. In this scenario, traders may look for the CAC 40 to challenge new monthly highs above 4,530.00.

CAC 40, 15Min Chartt

CAC 40 Rejected at Daily Resistance

(Created using TradingView)

---Written by Walker England, Market Analyst

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