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CAC 40 Turns From Yearly Highs

CAC 40 Turns From Yearly Highs

Walker England, Forex Trading Instructor

Talking Points:

CAC 40 is trading down for Wednesdays session (-.42%), as European shares sell off ahead of the release of January’s ECB meeting minutes. Individual winners for the CAC 40 includes Cap Gemini (+2.66%) and Nokia (+0.96%). Losers include Schneider Electric (-4.41%) and Group Danone (-2.30%).

Technically the CAC 40 is turning lower after putting in a modestly higher high at 4,943.80 for the 2017 trading year. While the Index remains significantly above its 10 day EMA (Exponential moving average), todays rejection in price suggests that the CAC 40 may be putting in a technical double top. In the event of a market turn, traders should look for the Index to re-approach the displayed EMA found at 4,868.48 In the event that prices resume trending upward, traders should first look for prices to bounce near values of intraday support.

CAC 40, Daily Chart with Averages

(Created Using IG Charts)

Intraday market analysis has the CAC 40 trading below the first point of support found at 4,912.30. This move exposes a bearish breakout towards today’s S2 pivot at 4,887.00. A move below this value should be seen as significant as this would place the CAC 40 just above the previously mentioned 10 day EMA. In this scenario, traders may continue to look for prices to decline and challenge weekly lows near 4,834.30.

Alternatively, in the event that the CAC 40 finds support intraday, traders should first look for a move above today’s central pivot at 4,927.86. A move of this nature would put the CAC 40 back on track to test the standing 2017 high at 4,943.80. It should be noted here that the R1 pivot for the session is found at 4,953.27. If the Index reaches this point, it would suggest a resumption of bullish momentum in the short term and invalidate any developing topping pattern.

CAC 40, 30 Minute Chart with Intraday Pivots

(Created Using IG Charts

--- Written by Walker, Analyst for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.