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CAC 40 Little Changed For The Week

CAC 40 Little Changed For The Week

Walker England, Forex Trading Instructor

Talking Points:

The CAC 40 has bounced back from weekly lows, and is now trading up (+0.26%) so far for Thursday’s session. Top Winners for the CAC 40 include ArcelorMittal (+1.58%) and Renault (+1.47%). Top Losers for the CAC 40 currently include Pernod Ricard (-1.54%) and Orange (-1.28%).

Technically the CAC 40 has made little progress this week, and is currently trading just under Monday’s open at 5,018.10. Despite this lack of direction, the CAC 40 may still be considered in a short term uptrend. The Index remains above its 10 day EMA (exponential moving average), which is now found at 5,000.30. Prices have tested this value earlier in the session, and if the CAC 40 remains supported here it opens the Index up to potentially retest yearly highs found at 5,056.20.

CAC 40, Daily Chart with 10 Day EMA

(Created Using IG Charts)

Intraday analysis currently has the CAC 40 trading back above today’s central pivot, which is found at 4,993.23. If bullish momentum continues, traders may look for points of resistance at the R1 and R2 pivots, found at 5,033.23 and 5,054.03 respectfully. It should be noted that if the CAC 40 trades through today’s R2 pivot, the Index will need to breakout to new yearly highs before reaching the final intraday resistance pivot at 5,094.56.

If prices begin to reverse lower, traders should first look for the CAC 40 to trade back below the previously mentioned central pivot. A move of this nature opens the Index up to test key values of support. This includes the S1 pivot at 4,972.96 and the S2 pivot at 4,932.43. A move to either of these points should be seen as significant. This would place the CAC 40 back below its 10 day EMA suggesting a bearish turn in the short term trend.

--- 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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