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CAC 40 Turns Bullish to End Trading Week

CAC 40 Turns Bullish to End Trading Week

2017-02-03 14:36:00
Walker England, Forex Trading Instructor
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Talking Points:

CAC 40 is trading higher for Friday (+0.97), as international stocks rally on better than expected US employment data. Today’s NFP (Non-Farm payrolls) were expected at 180k, but released at 227k. Leaders for the CAC 40 include Michelin (+2.89%) and LafarageHolcim (+2.41%). Losers include ArcelorMittal (-0.93%) and Publicis Groupe (-0.32%).

Technically, the CAC 40 continues to rebound for the week, after trading to new yearly lows during Tuesdays trading. This rebound includes a move in price back above the 10 day EMA (Exponential Moving Average). Typically a move above the 10 day EMA may be interpreted as a bullish signal, and may suggest that the CAC 40 is prepared to trade higher next week. Traders should note that this line is also acting as a point of support, and a move back below 4,822.77 would point towards a return of bearish momentum in the short term.

CAC 40, Daily Chart with 10 EMA

CAC 40 Turns Bullish to End Trading Week

(Created Using TradingView Charts)

Intraday market analysis now has the CAC 40 trading above the R2 daily pivot at 4,836.10. This line is acting as a point of support, and if the Index continues to rally next resistance is found at the R3 pivot near 4,859.26. If prices decline below 4,836.10, the next significant intraday level is found below at 4,819.10. A bearish decline here would place the CAC 40 back inside of today’s pivot range, and open up the Index to closer lower for Friday’s trading.

CAC 40, 30 Minute Chart with Pivots

CAC 40 Turns Bullish to End Trading Week

(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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