Talking Points:
- CAC 40 Little Changed For Session
- Intraday Support Found at 4,745.90
- Looking for additional trade ideas for equities markets? Read our 2017 Market Forecast
CAC 40 is little changed for today’s trading session (+0.11), as European stocks rally on an absences of data on the economic calendar. Leaders for the CAC 40 include Nokia (+2.71%) and Airbus (+1.43%). Losers include BNP Paribas (-3.55%) and Societe Generale (-2.26%).
Technically the CAC 40 is trending lower in the short term, as prices remain trading below the 10 day EMA (Exponential Moving Average) at 4,806.92. Despite today’s session opening lower, the Index has recently rebounded above the 2017 low at 4,747.60. If the CAC 40 remains supported here, traders will next look for the Index to rebound above the previously mentioned EMA on the daily chart. However if prices breakout below 4,747.60, it opens up the CAC 40 to trend lower towards the next point of daily support at 4,744.40.
CAC 40, Daily Chart with Averages
(Created Using TradingView Charts)
Intraday market analysis now has the CAC 40 trading just below today’s central pivot at 4,794.60. If bullish momentum intensifies, traders will next look for intraday values of resistance at 4,823.60 and 4,872.30. These points are labeled in the graph below as today’s R1 and R2 pivot respectfully.
In the event of a late day selloff, the CAC 40 may return towards the low of the day at 4,757.30. A move to this point exposes intraday points of support including 4,745.9 and 4716.90. A move to either of these points should be seen as significant, as the CAC 40 would then be trading at new yearly and monthly lows.
CAC 40, 30 Minute Chart with Intraday Pivots
(Created Using TradingView Charts
— Written by Walker, Analyst for DailyFX.com
To Receive Walkers’ analysis directly via email, please SIGN UP HERE
See Walker’s most recent articles at hisBio Page.
Contact and Follow Walker on Twitter @WEnglandFX.