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CAC 40 Rejected at Channel Resistance

CAC 40 Rejected at Channel Resistance

2016-11-10 17:45:00
Walker England, Forex Trading Instructor
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Talking Points:

The CAC 40 is trading lower late in the session (-0.73%), as international equities markets remain mixed for the day. Despite the Index relatively unchanged, CAC 40 winners for the day include Vivendi which is trading up +7.99%. This advance is occurring as Vivendi is still actively perusing an acquisition of Ubisoft (-1.15%). Engie is leading today’s list of decliners, trading down -7.53% for Thursday’s session.

Today’s decline continues to gain momentum after prices have failed at technical resistance near 4,600. This line is part of an ongoing ascending price channel that was described in Tuesday’s CAC 40 update. If the ascending line of resistance holds, this may suggest a return in price back towards support near 4,350.00. Alternatively if the CAC 40 is going to mount a bullish advance, the Index will need to surge back above resistance while breaking out to a higher high.

CAC 40, Daily

CAC 40 Rejected at Channel Resistance

(Created Using TradingView Charts)

In the short run, traders may look for the CAC 40 to find support near a series of Fibonacci retracement values. This includes the 38.2% retracement found at 4,506.10. So far prices have remained supported above this point, but a further decline may open the Index to test the 61.8% retracement at 4.44.30 and the 78.6% retracement at 4400.40.

Any further declines in price below yesterday’s low of 4,344.90 may suggest a larger bearish breakout. A move of this nature would place the CAC 40 outside of the earlier depicted ascending channel, and may mark the beginning of a fresh downtrend.

CAC 40, 30 Minutes with Fibonacci

CAC 40 Rejected at Channel Resistance

(Created Using TradingView Charts)

--- Written by Walker, Analyst for DailyFX.com

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