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CAC 40 Trend Stalls in a Holding Pattern

CAC 40 Trend Stalls in a Holding Pattern

2017-03-28 13:00:00
Walker England, Forex Trading Instructor
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Talking Points:

  • CAC 40 Remains in a Holding Pattern
  • Range Resistance is Found at the 2017 High at 5,056.20
  • Looking for additional trade ideas for equities markets? Read our 2017 Market Forecast

The CAC 40 remains in a technical holding pattern for the week, and remains little changed (+0.01%) so far for Tuesday’s trading. Top Winners for the CAC 40 include Credit Agricole (+2.69%) and Peugeot (+2.06%). Top Losers for the CAC 40 currently include Groupe Danone (-1.36%) and Unibail-Rodamco (-0.96%).

Technically the CAC 40 remains trading in an ongoing daily range. This range is displayed below, with prices consolidating beneath the 2017 high at 5,056.20 and the March 22nd low at 4,975.70. As the Index consolidates, technical indicators such as the 10 day EMA will continue to flatten. At this point traders may elect to trade this sideways price action, or wait for the market to breakout in its chosen direction.

CAC 40, Daily Range with 10 Day EMA

CAC 40 Trend Stalls in a Holding Pattern

(Created Using IG Charts)

Intraday analysis also sees the CAC 40 trading in a smaller price range, with prices failing to trade above or below today’s R1 or S1 pivot. The Index still remains trading above today’s central pivot at 5,009.70 however, and if prices rally from here the CAC 40 may again approach this first value of resistance found at 5,049.60. Further values of resistance includes both the R2 and R3 pivots found at 5,070.80 and 5,110.70. A move to either of these points graphically places the CAC 40 outside of the previously noted daily range, and should be seen as significant.

Alternatively key values of support include the S1 and S2 pivots found at 4,988.50 and 4,948.60. While neither of these values have been challenged for the day, a move to the S2 pivot should also be seen as significant. This would place the CAC 40 below daily support at 4,975.20 and constitute a daily bearish breakout.

CAC 40 Trend Stalls in a Holding Pattern

--- 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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