albert.callisto

CAC40 - Transition phase

FX:FRA40   CAC 40 Index
38 0 1
CAC40 has tested the psychological level of 4000. So far it held and using a weekly Ichimoku , we can trace some other levels that could be next targets. In daily Ichimoku and with a bullish pullback as hypothesis, we see the lagging span would need to go through a lot of candles (blue triangle). Lagging span usually tends to avoid such areas so it would rather make the choice of a lateral consolidation between 4000 and 4200. The downtrend is a line to watch as a breakout would indicate an attempt to reach the cloud, but for the moment we are far from the Kijun and this would require a retracement of 200 pts first.
Comment: Things are really turning bad for European indexes. 4000 did not hold, along DAX being extremely bearish...
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