CAC40: A breakout or back to 4673.9?
The CAC40 fell back to 4501, as previewed, after the FOMC. It hit a new low at 4495.05, where it found buying pressures thwarting it from pursuing the bearish market. Should the current trend continues on Monday, a breakout from below, is to be expected. In this case the objective will be 4387.72, with 4460.12 as a primary objective.
If the French benchmark failed to breakout the tunnel, it will bounce back to 4673.9, with 4568.19 as a primary objective.
The current bearish trend is confirmed by Thursday evening star followed by a long bearish candlestick. Though, previously bearish patterns failed to breakout the tunnel in either direction. Will this evening star be the one that causes the breakout or will it be countered again by a rally towards the top of the tunnel?
The Benchmark's daily Pivot Point is around 4551.33. The daily support levels are around 4479.56 and 4423.28. The daily resistance levels are around 4607.61 and 4679.38.
If the French benchmark failed to breakout the tunnel, it will bounce back to 4673.9, with 4568.19 as a primary objective.
The current bearish trend is confirmed by Thursday evening star followed by a long bearish candlestick. Though, previously bearish patterns failed to breakout the tunnel in either direction. Will this evening star be the one that causes the breakout or will it be countered again by a rally towards the top of the tunnel?
The Benchmark's daily Pivot Point is around 4551.33. The daily support levels are around 4479.56 and 4423.28. The daily resistance levels are around 4607.61 and 4679.38.
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