Talking Points:
- CAC 40 Little Changed To Close Trading Week
- Intraday Resistance Found at 4,854.45
- Looking for additional trade ideas for equities markets? Read our 2017 Market Forecast
CAC 40 is little changed so far for Friday’s trading session (+0.06), as European stocks remain quiet going into this weeks close. Leaders for the CAC 40 include ArcelorMittal (+8.14%) and Legrand (+1.98%). Losers include Loreal (-2.24%) and Societe Generale (-1.91%).
Technically the CAC 40 remains trending high in the short term, after yesterday’s aggressive push higher placed the Index back above its 10 day EMA (Exponential Moving Average). This line now resides at 4,808.79 and will remain a point of support going into next week’s trading. If the CAC 40 continues to rise, traders may next target the January 26th swing high found at 4,903.10.
CAC 40, Daily Chart with Averages
(Created Using IG Charts)
Intraday market analysis has the CAC 40 turning lower after initially testing resistance found at the R1 pivot at a price of 4,854.45. While prices are currently off of the highs of the day, the Index however has failed to break below today’s central pivot at 4,811.05. If prices remain above this value, the Index may again attempt to approach key values of resistance before the conclusion of today’s trading.
In the event of a selloff, traders should first look for the CAC 40 to drop below 4,811.05. A move here then exposes key values of intraday support. This includes the S1 and S2 pivots found at 4,788.20 and 4,744.80 respectively.
CAC 40, 30 Minute Chart with Intraday Pivots
(Created Using IG Charts
--- Written by Walker, Analyst for DailyFX.com
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