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CAC 40 Continues Holding Pattern

CAC 40 Continues Holding Pattern

2016-11-21 19:34:00
Walker England, Forex Trading Instructor
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Talking Points:

The CAC 40 continues to trade in a holding pattern, and is currently trading up +0.56% for today’s session. International equities as a whole are trading unchanged, ahead of this week’s light economic calendar and US market holiday on Thursday. Notable winners for the CAC 40, include Airbus Group (+4.442%) and AXA (+2.42%). Decliners include Vivendi (-1.09%) and Pernod Ricard (-0.88%).

Technically, the CAC 40 continues to consolidate for the 7th session after turning lower beneath 4,600.00. Support for the highlighted range is found at the November 11th low of 4.473.40. While resistance is found at the November 14th high of 4,560.90. If prices continue to trade between these values for the remainder of the week, traders may continue to opt for range based trading opportunities.

CAC 40, Daily Consolidation

CAC 40 Continues Holding Pattern

(Created Using TradingView Charts)

Traders looking for a continuation of the daily channel depicted above, may continue to wait for a breakout in the CAC 40. A bearish breakout below 4,473.40 will allow traders to target the channel support line near 4,340.00. Alternatively, bullish breakouts outside of the range open the Index up to test channel resistance under 4,600.00. In the event that prices breakout above longer term resistance, a move about the standing monthly high at 4,606.70 may suggest the beginning of a new bullish uptrend.

(Created Using TradingView Charts)

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

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