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CAC 40 Consolidates After Hitting Yearly Highs

CAC 40 Consolidates After Hitting Yearly Highs

Walker England, Forex Trading Instructor

Talking Points:

The CAC 40 has opened the trading week flat, after concluding Friday’s session near yearly highs. So far the Index is trading up +0.06%. Despite this small gain, it should be noted that if the CAC 40 closes higher, it will mark the sixth consecutive higher close for the Index. Individual daily winners for the CAC 40 includes Technip (+2.28%) and TOTAL (+1.95%). The decliners list is led by Unibail (-2.54%) and Vivendi (-1.96%).

Technically, traders monitoring the daily chart should note that the CAC 40’s previous high stands at 4,780.50. This point will remain a value of critical daily resistance, and the Index must break through here to resume its ongoing bullish trend. Alternatively, Friday’s low of 4,737.40 may act as a temporary value of support. If the CAC 40 falls below this value, it would suggest that the ongoing uptrend may be at least temporarily failing.

CAC 40, Daily

(Created Using TradingView Charts)

In the short term, the CAC 40 can be better seen consolidating between intraday values of support and resistance. First resistance for the Index is found at the R3 pivot at 4,776.00. If prices remain under this point, the CAC 40 may begin to trade back towards points of support including today’s S3 pivot found at 4,752.20. Further support is found at the S4 pivot found at 4,740.00. A decline below this value should be considered significant as the CAC 40 would be breaking lower for the first time in the last seven trading periods,.

CAC 40, 30 Minutes with Pivot

(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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