CAC40 (FRA40) trades to range resistance

FX:FRA40   CAC 40 Index
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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.
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