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CAC 40 Breaks Higher on ECB News

CAC 40 Breaks Higher on ECB News

Walker England, Forex Trading Instructor

Talking Points:

The CAC 40 is launching higher this Thursday, and is currently up +0.96% for today’s session. The Index is now rallying for its 3rd consecutive day, with this move being predicated on news that the ECB has elected to keep benchmark interest rates at 0.00%. Individual daily winners for the CAC 40 includes ArcelorMittal (+3.55%) and Societe Generale (+3.52%). Only 4 of the listed 40 stocks are trading lower, and the decliners list is led by Technip (-0.83%) and Legrand (-.42%).

Technically, the CAC 40 is trending higher after ending its period of consolidation earlier in the week. As the Index trades higher, previous daily resistance at the November 10th high of 4,606.70 should now be seen as a key point of support. Prices are currently challenging the next point of daily resistance, which is displayed graphically at the December 12, 2015 high of 4,748.80.

CAC 40, Daily Breakout

CAC 40 Breaks Higher on ECB News

(Created Using TradingView Charts)

An intraday look at the CAC 40 shows prices breaking out above intraday resistance at 4,714.40. Today’s move should be seen as significant because this is the 4th session that prices have attempted a bullish breakout. With the Index is challenging its daily point of resistance now, traders may elect to keep an intraday bullish bias as long as prices remain above this point.

In the event that the CAC 40 is rejected at present values, traders should look for prices to trade back inside of today’s R3 pivot found at 4,704.10. A move to this point would suggest at least a temporary end to this morning’s bullish price momentum. In this bearish scenario, the CAC 40 may trade back towards values of support. This includes the S3 pivot displayed below at 4,685.00.

CAC 40, 30 Minutes with Pivot

CAC 40 Breaks Higher on ECB News

(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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