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CAC 40 Continues Consolidation With an Ascending Triangle
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Talking Points
CAC 40 Breaks From Range, but Consolidation Continues
Key CAC 40 Resistance Sits at 4,528.30
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The CAC 40 is trading higher (0.97%) this morning after breaking out from an ongoing 10 day trading range. Despite this bullish breakout, it should be noted that the Index is still trading in a larger consolidation pattern. Depicted below, the CAC 40 can be seen trading in an ascending triangle. This pattern has been created by connecting a series of higher lows, with resistance found near the 2016 August high of 4,528.30. If prices fail to breakout from this triangle, it may suggest further consolidation for the CAC 40.
CAC 40, Daily Chart
(Created using Marketscope 2.0 Charts)
Intraday values for the CAC40 include today’s R1 pivot at 4,475.10. Prices are currently trading above this value with this morning’s bullish momentum. If the CAC40 continues to trade higher, next resistance is found at 4,513.70. A move through this point then exposes the previously mentioned August high at 4,528.30. Alternatively, first support is found at the S1 pivot near 4,409.60. A move through this value would be significant, as the CAC40 would have completely erased this morning’s early gains. A continued decline then exposes the S2 pivot at 4,382.70, which is just above triangle support at 4,374.35.
CAC 40, 1 Hour Chart
(Created using Marketscope 2.0 Charts)
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