The French CAC 40 Holds onto its Range Trade скачать в хорошем качестве

The French CAC 40 Holds onto its Range Trade

The headline French stock bourse, the CAC 40, hit the bottom of the ongoing consolidation pattern during the trading day on Friday. The decline on the French stock exchange occurred with an overall decline of European equities. The top losers on the day were BNP Paribas and AXA. Only two components were in the green, Unibail Rodamco and Pernod Ricard. Both of these companies ended up trading in the red and closing lower by end of the day. French CAC 40 Technical Analysis From a technical perspective, the French stock bourse is still trading in its long term range consolidation. This range trade has been going on for 15 straight trading days. The bourse did move higher on Friday but failed to close above the November 10 high at 4,607.70. On Friday, the stock exchange failed to breach the November 11 low at 4,473.70. This means, unless see considerable volatility from the Italian referendum, held on Sunday, the range trade should continue this week. For now, the CAC is trading below the support at 4,537.50. While below this level, traders should be looking lower. Should the market move higher, then there is a resistance and pivot level at 4,550. A break above this first upside barrier would then challenge the next upside barrier that lines up at 4,572.20. The next significant upside barrier lines up at 4,583.70. It should be pointed out, that Italy voted no in Sunday’s referendum and the Italian prime minister will resign this morning. This should lead to new elections which will cause volatility in the Eurozone financial markets at the open. With elections, there is a chance that the Five Star Movement which favors Italy leaving the European Union, can rise to power. Sentiment is pointing towards their favor right now.