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CAC 40 Breaks Lower to Open Weekly Trading

CAC 40 Breaks Lower to Open Weekly Trading

2017-01-09 13:15:00
Walker England, Forex Trading Instructor

Talking Points:

CAC 40 has started Monday’s trading lower, now down -0.75% for today’s session. European markets as a whole are mixed, with little data on the horizon for this week’s trading. Top winners for the CAC 40 include Kerring (+1.15%) and Sanofi (+0.86%). Losers for the session include Nokia (-2.74%) and Air Liquide (-2.50%).

Technically, the CAC 40 can be seen turning lower in the daily graph below. Previously, the Index had been trading in a 4 day range, to conclude last week’s trading. Friday’s low represented support for this range at 4874.40, and a breakout below this value has opened the CAC 40 up to future bearish possibilities. At present the Index remains supported above the 10 period EMA (Exponential Moving Average) at 4874.34. In the event that prices rebound near present levels, it may suggest a reversal back towards the previous point of daily resistance.

CAC 40, Daily Chart with Range

CAC 40 Breaks Lower to Open Weekly Trading

(Created Using TradingView Charts)

Intraday the CAC 40 is turning lower, and has already traded through the first point of support found at 4,885.5. At present the Index remains above the 30 minute 200 period SMA (simple moving average). A move through this point would add to the bearish case, with the next value of support being found at the S2 Classic pivot at 4,867.10. In the event that prices break through this point, the CAC 40 may attempt to trade to new 2017 lows under today’s S3 pivot at 4,823.60

If prices rebound off of the current daily low of 4,867.80 it may suggest that the Index may then retrace back towards values of resistance. For Monday’s session, this includes the R1 classic pivot at 4,922.9 and the R2 pivot at 4,935.80. A move above this point should be seen as significant as it would place the CAC 40 back above the previously described trading range. In this bullish scenario, the CAC 40 would then be trading back in the direction of its primary daily trend.

CAC 40, 30 Minute Chart with Pivots

CAC 40 Breaks Lower to Open Weekly Trading

(Created Using TradingView Charts

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

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