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CAC 40 Breaks to Weekly Highs

CAC 40 Breaks to Weekly Highs

2016-10-04 15:50:00
Walker England, Forex Trading Instructor

Talking Points

  • CAC 40 Breaks Higher; Trading up +1.21%
  • Intraday CAC 40 Resistance is Found at 4,429.80
  • What’s next for the equities market? Learn more with our Trading Guide

The CAC 40 has broken out higher this morning, above critical resistance at 4,505. So far, the Index is trading up +1.21% on the session, with Peugeot having the largest daily advance of +3.43%. Today’s technical breakout is significant, as it invalidates a declining trendline that has been acting as resistance for the last month of trading. If the CAC 40 continues to advance from this point, traders may look for prices to test next resistance at 4,530.00.

CAC 40, Daily Chart

CAC 40 Breaks to Weekly Highs

(Created with TradingView Charts)

Intraday, the CAC 40 has blown through all values of short-term resistance so far. Despite this rapid advance in price, traders should continue to monitor today’s R4 pivot at 4,471.50. While this value was acting as previous resistance, it may now be considered short-term support for the Index. Traders may elect to maintain a bullish bias as long as the CAC 40 remains above this point. Alternatively, in the event of a bearish reversal, traders may consider this morning’s breakout invalidated below this point. It should be noted, that in the event of a bearish reversal, the next values of short-term support include 4,462.50 and 4,444.50.

CAC 40, 30 Minute Chart with Pivots

CAC 40 Breaks to Weekly Highs

(Created with TradingView Charts)

---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.