CAC40 (FRA40) trades to range resistance

FX:FRA40   CAC 40 Index
87 0 1
The CAC40 ( FRA40             ) has declined back below 4,700 in early trading this morning. This technical area of resistance is important because it marks the top of a well-defined trading range, which has been developing for the last month. It should be noted that oscillators such as CCI are also turning from overbought conditions on the daily chart , which can help validate the previously mentioned point of resistance. If the CAC40 remains under 4,700, traders will look for prices to decline back towards range support, which is found near 4,300. In the event that price reach support, range traders may then reevaluate the range, and look for potential opportunities to buy the CAC40 back towards resistance.

Only a breakout above resistance or below support would invalidate the current market range. In a breakout scenario traders may choose to confirm a breakout by waiting for a daily close either above 4,700 or below 4,300. Also, in the event of a breakout, traders may elect to target a 1x extension of the current range as potential targets. This means a bullish breakout for the CAC40 would first target a price of 5,100, while a bearish breakout would set initial targets toward 3,900.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out