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CAC 40 Rises to Technical Resistance

CAC 40 Rises to Technical Resistance

2016-10-19 14:00:00
Walker England, Forex Trading Instructor
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Talking Points:

The CAC 40 continues to trade higher today (+0.13%), with the Index now settled above critical resistance at 4,500. Top CAC 40 gainers for the session include AccorHotels +5.06%, Carrefour +3.90%, and ArcelorMittal +1.90%. Top losers include AXA -.1.16% and Bouygues trading down -1.06% so far on the session.

Technical traders should continue to monitor the daily triangle depicted below. With prices now trading at 4,508, a close above the top trendline would add emphasis to this morning’s attempted bullish breakout. However if the CAC 40 is rejected here, it may open the Index to trade back towards triangle support found near 4,390.

CAC 40, Daily Chart & Triangle

CAC 40 Rises to Technical Resistance

(Created with TradingView Charts)

Intraday values to watch include today’s R3 resistance pivot at 4,520.10. The Index is currently trading below this value, and if prices trader lower, next support may be found at the S3 pivot at a price of 4,497.90. Traders looking for intraday breakouts may continue to monitor the displayed R4 and S4 pivots. Bullish breakouts may begin over the R4 pivot found today at 4,531.20. A move above this point should be considered significant, as it would place the CAC 40 further outside of the daily value of resistance mentioned above. Alternatively, a bearish breakout below the S4 pivot at 4,486.60 would suggest the market continuing to consolidate in the aforementioned triangle.

CAC 40, 30 Minute Chart

CAC 40 Rises to Technical Resistance

(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.

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