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CAC 40 Holds Range to Close Out Week

CAC 40 Holds Range to Close Out Week

Walker England, Forex Trading Instructor

Talking Points:

The CAC 40 has gapped lower on the open, to trade near the bottom of an ongoing consolidation range. This decline in the CAC 40 has occurred as a general decline in European equities markets is occurring this morning. Top losers for the Index includes BNP Paribas (-2.67%) and AXA (-2.43%). At this time only two CAC 40 components are trading higher, Unibail-Rodamco (+1.99%) and Pernod Ricard (+0.43%).

Technically, the CAC 40 is still trading in an ongoing range, with prices set to close this week’s trading by consolidating for the 15th consecutive session. As seen below, the technical outlook for the Index is little changed from Tuesday’s report. While gaining ground yesterday, the Index has failed to make a significant high over the November 10th high of 4,606.70. Also with this morning’s selloff, the CAC 40 has still failed to breach the November 11th low of 4473.40. Going into next week’s trading, if this consolidation pattern remains valid, traders may continue to look for range based trading opportunities.

CAC 40, Daily Consolidation Pattern

CAC 40 Holds Range to Close Out Week

(Created Using TradingView Charts)

In the short term, the CAC 40 is trading below the final point of intraday support found at 4,537.50. This area is denoted graphically below as the S4 Camarilla Pivot. Despite prices retracing from daily lows, if the Index remains below this pivot it may suggest that the Index may attempt to again trend lower into the close.

In the event of a bullish price reversal, traders should look for the CAC 40 to trade through the S4 pivot and then move on the S3 pivot found at 4,549.0. A reversal of this nature would suggest that prices are holding in their broader consolidation pattern, and traders may look for the CAC 40 to trade back towards points of resistance. Intraday this includes, the R3 pivot at 4,572.3and the R4 pivot found at 4,583.7.

CAC 40, 30 Minutes with Pivot

CAC 40 Holds Range to Close Out Week

(Created Using TradingView Charts)

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

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