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CAC40: Tunneling around...

INDEX:CAC   CAC 40 Index
The CAC40 is still ping-ponging around in the tunnel formed by the blue resistance level and the Orange support level . Nonetheless, the triangle shaped figure made of the orange trend line and the blue resistance level , is still valid. The current pattern suggest a downward breakthrough of the triangle. Only a clear cut through 4501 would make such scenario relevant. If the French benchmark crosses 4501, it will enter a bearish market, 4328.04 being the objective, and 4391.06 the primary objective.

if it fails to breach 4501, the Tunnel's support level , it will head back in the direction of the 4673.96 level. Any eventual drawbacks will most probably keep it below 4673.96, for today at least.

The French benchmark's daily Pivot Point is around 4570.81. The daily support levels are around 4523.04 and 4497.36. The daily resistance levels are around 4596.49 and 4644.26.

Let's just hope it won't stay in the tunnel until the Fed's announcement this week.

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