CAC 40 Bounces From Weekly Lows
Markets

CAC 40 Bounces From Weekly Lows

DailyFX.com -

Talking Points

  • CAC 40 Finds Bounces From Weekly Lows
  • CAC 40 Daily Support is Found Near 4,344.71
  • If you are looking for more trading ideas for equities markets, check out our Trading Guides

The CAC 40 is rebounding off of its weekly lows to close moderately higher for today's trading (+0.07%). AXA insurance had the best performance of the 40 listed components, closing up +.2.49%. Alternatively, Sanofi has the markets largest daily decline of -1.22%. Technically today's bounce in price should be seen as significant as it suggests that the CAC 40 may finally be finding support after declining as much as 149 points on the week.

CAC 40, 30 Minute Chart with Pivots

(Created using Marketscope 2.0 Charts)

Intraday values of support and resistance include today's S3 pivot found at 4,344.71. As prices have bounded off of this level, the Index is now trading near resistance at 4,378.99. This point is represented graphically as the R3 pivot, and if price breach this value it opens up prices to test the next value of resistance at 4,396.18. A move through this point would graphically suggest that the CAC 40 is breaking higher, after trending lower all week. Alternatively, bearish breakouts may begin under the final value of support at 4,327.43. A breakout below this point would place the CAC 40 at new weekly lows, and suggest that prices are ready to resume their current trend lower.

Are FXCM traders long or short the market Find out here !

To Receive Walkers' analysis directly via email, please SIGN UP HERE

See Walker's most recent articles at his Bio Page .

Contact and Follow Walker on Twitter @WEnglandFX.

It's a new trading month and FXCM is beginning a new $10,000 trading challenge. Learn more about the contest and track the leaderboard HERE .

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

Learn forex trading with a free practice account and trading charts from FXCM .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx