Another thing can make things worse for the bulls: another market on Oil , which has reached a multi year low, three sessions ago, would worsen the situation, the French benchmark being sensitive to Oil prices, since Oil & related companies represent 10% of the benchmark's weight, through Total S.A. ( CHXEUR:FPP ) and Technip S.A. ( CHXEUR:TECP ). Another slide in the Oil market will inflict more damage to the French benchmark, should a market be the result of today's FOMC.
Oil and the benchmark are closely related. As a fall in Oil prices can render any market worse for the benchmark, as well as an increase in Oil prices can help sustain any movement.
Re-entering the market, as a result of the FOMC meeting, will send the French benchmark south, seeking 4387.72, with 4501. 44 as a primary objective.
A breakout of 4673.96, will send it seeking 4783.38, with 4727.63 as a primary objective.
The daily is around 4587.04. The daily support levels are around 4547.32 and 4480.2. The daily resistance levels are around 4654.12 and 4693.84.
FPP & CAC40
TECP & CAC40