The CAC40 closed another session in the red as a part of a strong correction that has sent it back to 4850.17. The current trend is bearish
and the benchmark is hovering on its EMA20, where it will find some support. As a matter of fact it is entering a major support zone
, which consists of the 4850.17 support level
, the bullish
gap highlighted on the chart, and the EMA20. The Benchmark is falling although tailwinds coming from the macroeconomic environment have beaten estimates. The French gauge will 4815.16 as an objective, should the bearish trend
continue, which will be valid should the Benchmark opens below 4849.04 today.
The benchmark will have 4876.43 as a primary objective, should it fail to pursue its slide. It will aim to 4905.6 should an inversion occur. While an opening above 4888.73 will reject the downtrend and throw the benchmark again in a bullish
market with 4915.62 as a primary objective.
The daily Pivot Point
is around 4890.35. The daily support levels are around 4817.33 and 4778.01. The daily resistance levels are around 4929.67 and 5002.69.