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CAC 40 Rebounds From Weekly Lows
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Talking Points:
CAC 40 Rebounds From Weekly Lows
Intraday Resistance is Found at 4,843.50
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CAC 40 is little changed on the week, but the Index is currently staging a rebound from weekly lows by advancing 1.41% so far in today’s trading. European markets as a whole are rallying, ahead of today’s key FOMC rate decision. While expectations are set to leave key rates in the US at 0.75%, any change in policy may directly impact international equities markets. Top winners for the CAC 40 include Schneider Electric (+4.44%) and Michelin (+3.94%). Losers for the session include Veolia Environnment (-0.95%) and Essilor International (-0.65%).
Technically, the CAC 40 has found support on the daily chart above yesterday’s low of 4,747.60. While the Index may still be considered in a long term uptrend, as it is trading above its 200 day MVA (moving average), the Index has so far failed to trade back above its 10 day EMA (exponential moving average). This line is currently found at 4,827.05, and it should be noted that the Index has remained below this technical line for the last 4 trading sessions. If the CAC 40 remains below this point, traders may look for the CAC 40 to potentially trend lower in the short term.
CAC 40, Daily Chart with Range
(Created Using TradingView Charts)
Intraday, the CAC 40 is now trading above the R1 daily pivot at 4,806.60. If prices continue to trend higher in the short term, next resistance may be found at 4,843.50. A move to this value should be seen as significant, as this would place the Index back above the previously mentioned 10 day EMA. However, in the event of a bearish reversal, traders may first look for the CAC 40 to cross today’s central pivot at 4,777.40. This would suggest a change in momentum for the Index, and open the CAC 40 to test values of support including the S1 pivot found at 4,741.30.
CAC 40, 30 Minute Chart with Pivots
(Created Using TradingView Charts
--- Written by Walker, Analyst for DailyFX.com
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