CAC 40 Uptrend Remains Supported
- CAC 40 Uptrend Remains Supported
- Support Found at the 10 DAY EMA at 5,357.96
- Looking for additional trade ideas for equities markets? Read our 2017 Market Forecast
The CAC 40 has opened Wednesday’s trading lower, potentially decline for the third consecutive session after printing a new 2017 high to start the week. Despite this recent string of losses, traders may still consider the CAC 40 technically in an ongoing uptrend. At present the CAC 40 is trading down -0.02%. Leaders for the session include Michelin (+1.25%) and Veolia Environnement (+0.91%). Top Losers for today’s trading include both Vinci (-1.22) and ArcelorMittal (-0.97%).
CAC 40, Daily Chart with 10 Day EMA
Technically, the CAC 40 remains in an ongoing short and long term uptrend. If prices close at near present levels, it will mark the 15th daily close above the displayed 10 day EMA (exponential moving average). This line is now found at 5,357.96 and will continue to be a reference of support as long as the CAC 40 continues to trend higher. If prices bounce above the EMA, traders may again look for the CAC 40 to trade back towards the weekly and yearly high at 5498.90.
Intraday analysis has the CAC 40 now trading above its central intraday pivot found at 5,392.66. If prices continue to rally, traders may look for the Index to trade towards today’s R1 and R2 pivot found at 5,403.73 and 5,425.86 respectfully. However if prices turn back bellow today’s central pivot, traders may look for the CAC 40 to challenge values of Intraday support. Today’s S1 pivot is found at 5,370.53, and a move to this point would place the CAC 40 at new weekly lows. The next value of support to consider would be the S2 pivot at 5,359.46. Traders should note that even if prices trade to this point, the Index would still remain above the previously mentioned 10 day EMA at 5,357.96.
CAC 40, 30 Minute Chart with Pivots
--- 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.