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CAC 40 Opens Trading Modestly Higher

CAC 40 Opens Trading Modestly Higher

Walker England, Forex Trading Instructor

Talking Points:

The CAC 40 has started the trading week higher, and currently trading up +0.58% for today’s session. This move is coupled with international equities as a whole trading up modestly higher. Notable winners for the CAC 40, include ArcelorMittal (+3.26%) and AXA (+2.42%). Decliners include Veolia Environnement (-3.71) and Cap Gemini (-1.30%).

Technically, the CAC 40 has made little progress after turning lower under resistance at 4,600.00. This means that the Index is still trading inside of a broader ascending channel described in last week’s CAC 40 update. If prices remain supported at present levels, it may suggest that the Index will prepare to breakout higher later in the week. Alternatively if the CAC 40 begins to decline through shorter term values of support, it may suggest a decline back towards daily support near 4,350.00.

CAC 40, Daily

CAC 40 Opens Trading Modestly Higher

(Created Using TradingView Charts)

In the short run, the CAC 40 is trading near intraday resistance at 4,510.60. This area is denoted in the graph below as the R3 Camarillia Pivot. If prices remain under resistance, it opens the Index up to trade towards values of support. This includes today’s S3 pivot at 4,466.70 and the S4 pivot at 4,445.20. A break below the S4 pivot should be seen as significant, as it would suggest that prices may trade back down towards the previously mentioned point of c channel support.

Alternatively, bullish breakouts may begin above 4,533.00. This area is depicted as the R4 pivot, and a break above this point suggests prices may return back toward channel resistance.

CAC 40, 30 Minutes with Pivot

CAC 40 Opens Trading Modestly Higher

(Created Using TradingView Charts)

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

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

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