CAC 40 Talking Points
- CAC 40 Continues to Trade Below 4,400.00
- CAC 40 Daily Support is Found Near 4,372.80
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The CAC 40 is back trading below 4,400, and is down -.11% so far for today’s session. Technip is currently the best performing CAC 40 component, trading up +.90%. Alternatively, LVMH has the markets largest decline of -1.89%. Technically today’s decline should be seen as significant as it places the CAC 40 near its previous daily swing low at 4,372.80. A breakout below this point would suggest that further price declines may be in store for the index. Or if the CAC 40 remains supported it may suggest a bounce in price back towards the standing monthly high of 4,569.50.
CAC 40, Daily Chart & Support
(Created using Marketscope 2.0 Charts)
Intraday values of support and resistance include today’s S3 pivot found at 4,367.99. This value is working as range support for today’s trading. If the CAC 40 holds above this point, it opens the Index to bounce back towards range resistance at 4,430.01. If prices continue to fall, the last value of intraday support is found at the S4 pivot at a price of 4,336.47. A move to this point would graphically place the CAC 40 well below the previously mentioned daily value of support at 4,372.80, and suggest that the Index is breaking out lower. It should be mentioned that bullish breakouts may begin above 4,462.53. A move through this value would open the CAC 40 to then test yesterday’s high of 4,488.40.
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