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CAC 40 Bounces From Daily Lows

CAC 40 Bounces From Daily Lows

Walker England, Forex Trading Instructor


Talking Points:

The CAC 40 is trading down on the day, down -0.14%. Top CAC 40 gainers for Wednesday’s trading session include Kering +7.75%, Airbus Group +3.76%, and Nokia +3.17%. The largest losers for the session include Cap Gemini –7.28% and Unibail-Rodamco trading down -3.03%.

Technically the CAC 40 continues to trade below previous daily support at 4,569.50. This move in price may indicate that Friday’s advance may be seen as a false breakout. If the CAC 40 continues to trade lower, it may open the Index to retest ascending support found near 4,404.00. However if the CAC 40 finds support intraday, it may suggest that the Index is attempting to rebound back towards higher highs.

CAC 40, Daily Chart

(Created with TradingView Charts)

Intraday the CAC 40 remains supported above the S3 Fibonacci Pivot found at a price of 4,504.00. This has allowed the Index to technically advance back towards values of resistance. If the CAC 40 continues to advance, it should be noted that next resistance is found at the R1 at 4,563.00. A move through this point exposes bullish breakouts above 4,589.40. A move through this value would be considered significant, as it would place the CAC 40 back above Monday’s breakout point.

Alternatively, if the CAC 40 begins to turn lower under the S1 pivot, next support is found near 4,519.80. A move to this point would signal a resumption of bearish momentum, and open up the CAC 40 to retesting daily lows at 4,497.00.

(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.