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CAC 40 Consolidation Continues for 7th Session
DailyFX.com -
Talking Points:
CAC 40 Continues to Range for 7th Session
Bullish Daily Breakouts Begin Above 4,929.60
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CAC 40 is now consolidating for the 7th consecutive session, despite attempting to breakout to a new weekly low earlier in the session. So far for today’s trading the Index is trading down just -0.11%, leaving it well within last week’s daily range. Top winners for the CAC 40 include Peugeot (+3.05%) and Kering (+2.54%). Losers for the day include Engie (-3.60%) and Cap Gemini (-1.25%).
Technically, the CAC 40 range can be seen continuing in the graph below. This range now spans 7 trading sessions, despite the Index previously being in a strong uptrend. It should be noted that the CAC 40 did put in a new weekly low today at 4,856.50. However prices quickly found support here, and have quickly bounced higher from this point. If prices remain supported, traders may look for the Index to retest the standing point of range resistance found at the January 3rd high at 4,929.60.
CAC 40, Daily Chart with Range
(Created Using TradingView Charts)
Intraday the CAC 40 is trading back inside of a short term range, despite attempting to breakout lower in early trading. At present the Index is trading back down off of today’s intraday point of resistance found at the R3 pivot at 4,898.70. If prices remain range bound intraday, traders may look for the CAC 40 to retest the next value of support at 4,878.00.
In the event that prices begin to trader higher, it should be noted that bullish breakouts begin above 4,909.10. If prices breach this value at the R4 pivot, the Index may attempt to trade back up to the 2017 high previously mentioned at 4,929.60. Alternatively, bearish breakouts may be signaled under today’s S4 pivot at a price of 4,868.00. A move beyond this point would be the CAC40’s second attempted breakout on the day. In this bearish scenario, traders may look for the Index to print further lower lows, while retracing against the markets primary trend.
CAC 40, 30 Minute Chart with Pivots
(Created Using TradingView Charts)
--- Written by Walker, Analyst for DailyFX.com
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