CAC40 trade ideas
France's CAC40 This has been fun going through the different markets because I see hybrids between various price actions. This market is a little difficult to settle on. I like this bear flag on the local scale. The last couple of days almost makes it look like it wants to go up again to retest that upper channel, but considering how bearish the other markets look, I doubt that will happen. And I have circled a similar "scoop" from a few weeks ago that promptly reversed and went lower.
The intermediate chart looks much like the Dow, and Dax. Look for that broadening pattern to be retested and to ultimately fail.
Long-term chart is weird. Just imagine having gone nowhere in price for thirty years. Oy. That's something we're just not accustomed to here in the States. That said, this huge triangle could go either way. It will almost certainly retest the lower orange channel.
CAC40 - Limited upside within the wedge FRA40 - Intraday - We look to Sell at 5170 (stop at 5220)
Buying pressure from 5012 resulted in all the initial daily selloff being recaptured. Due to an Ending Wedge formation, we continue to treat extended gains with caution. Bespoke resistance is located at 5174. The trend of higher highs is located at 5200. The formation has a measured move target of 4681.
Our profit targets will be 4685 and 4650
Resistance: 5170 / 5200 / 5230
Support: 4947 / 4682 / 4650
FR40EUR is close to the Mirror Level!The trend is bullish now! If the price will cross the level and fix above we can trade buy position!
But don't rush with it because it can bounce temporarily.
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CAC40 - Selling rallies near the wedge top FRA40 - Intraday - We look to Sell at 5160 (stop at 5210)
Buying pressure from 4940 resulted in all the initial daily selloff being recaptured. Buying posted in Asia. Bespoke resistance is located at 5165. The trend of higher highs is located at 5172. Preferred trade is to sell into rallies.
Our profit targets will be 4885 and 4850
Resistance: 5162 / 5165 / 5230
Support: 4885 / 4800 / 4682
France index will go upToday, the central bank of France has announced the bouncing of the economy is occurring faster than earlier forecast. Technically, the price is at the earlier resistance level and will bounce off from here.
Wait for confirmation before entering in any trading (Price action confirmation)
Please trade carefully and do not risk more than what you can afford (1% of Maximum).
Disclaimer : This is just an analysis of the trend, the price can move in both ways so please, don't consider it as 100% correct signal.
