Talking Points
- CAC 40 Remains in Range for Fridays Session
- Key CAC 40 Support Remains at 4,375
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The CAC 40 is set to close the week inside of an ongoing daily range, as French equities remain little changed. Of all the CA 40 listed components, Renault is leading the way with a gain of +1.37% on the session. Equity market traders should remain interested in this afternoons Jackson Hole event, but withstanding a major market movement the CAC 40 appears set to close inside of the 75 point range depicted below.
CAC 40, Daily Chart
(Created using Marketscope 2.0 Charts)
Intraday price levels for the CAC 40 include todays R3 resistance pivot at 4,409. So far price action has attempted and failed to breakout from this value once. If price action breaches this point, it opens the CAC 40 to test the R4 line of resistance found at 4,426 and then finally the previously mentioned point of daily resistance at 4,450. Alternatively, the S3 pivot is an acting value of support at 4,378. This value resides directly above the previously mentioned daily value of support at 4,375. A breakout below this point will first expose today’s S4 pivot which is found at 4,362.
(Created using Marketscope 2.0 Charts)
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