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CAC 40 Technical Analysis - Nov 8th 2015

INDEX:CAC   CAC 40 Index
8 0 3
We recently had confirmation of an uptrend, after the strong bullish day of Oct 22 created a new high and took the indice out of the distribution phase started at the end of August.
The 2 consecutive strong bullish days of Oct 22 and Oct 23 confirmed the exit. These days were so strong they created a gap strengthened by a consolidation around the top end of the gap, circa the 4840pts, adding to the bullish sentiment.
The readings of RSI , still below the overbought zone and of Momentum, still positive despite the recent rally, fuel the bullish sentiment.
The next consolidation is expected around the zone 5052-5093 were the gap from Aug 11 and Aug 12 formed.
Should the index go through, the next target will be the resistance at 5230. This is a crucial pivot point as it comes all the way from the resistance hit 3 times in 2002, 2007 and more recently last summer.
Should this scenario not happen, the market is expected to go back to its support of 4834.
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