The Cac40 was caught up between 4850.157 and 4936.87 last week. It gained support around the 4850.17 support level
, which has forbidden it from inverting. In general, the good numbers helped sustaining a bullish
market until now. The bullish
gap, highlighted on the chart, its EMA10, as well as the 4850.17 support level
, formed a major support zone
. The trend is still bullish
as long as the major support zone
is not breached. It looks like the benchmark is trying to slowly find its Major Trend line
in Orange. It remains that the benchmark will have 5048.56 as an objective should the bullish trend
remain resilient. The primary objective would be 4936.87, which was tested last week, especially should the 4909.16 level be broken out.
The alternative scenario would be the breakout of the Major Support Zone
, with 4783.3 as an objective.
The improving situation of the Greek economy alongside the expansive open market strategy of the ECB where the basic roots of the recent rally, will be hindered by the outcome of the Greek Banks recapitalization issue, on the short run. The Greek Banks should submit their demands to the Supervisory Board of the ECB today.
The daily Pivot Point
is around 4890.66. The daily support levels are around 4872.16 and 4846.66. The daily resistance levels are around 4916.16 and 4934.66.