CAC40 to break above Falling Wedge?

Jul 19, 2023

Falling Flag (Wedge) has formed on CAC40 since April 2023.

We have had the price come down each time but make a higher low and fail to break below 7,056.

It might be premature but, it looks like the momentum is pointing up (along with many other alternative indices).

I'll be happy to go long when the price breaks above. But now it's a waiting game.

7>21>200
RSI>50
Target 1 will be at 7,857

ABOUT THE INDEX

Name:
The CAC 40 is an abbreviation of "Cotation Assistée en Continu", which translates to "continuous assisted trading", and the number 40 refers to the number of companies represented in the index.

Establishment:
The CAC 40 was established on 31 December 1987, with a base value of 1,000 points.

Representative of French Market:
The CAC 40 is the benchmark stock market index in France, which reflects the performance of the 40 largest publicly traded companies listed on the Euronext Paris.

Diverse Sectors:
The index includes a diverse range of sectors, such as manufacturing, banking, pharmaceuticals, media, utilities, luxury goods, etc.