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Technical Analysis: CAC40 index: new bearish acceleration

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Technical Commentary: The CAC40 index is the main index of the Paris Stock Exchange. It is composed by the 40 most traded equities on the NYSE-Euronext Paris market. For more than eight months now, the index has been ....


Day By Day – Indipendent Research


…Technical Commentary: consolidating in a slightly rising channel. This recovery initiated after the summer 2011 krach is now giving signs of weakness while prices barely bounce on the lowest threshold of the channel. Sellers seem to regain control of the market and the probability of a breach of the pattern is getting stronger. We are bearish over the midterm.
 
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Anticipation  :
On the short term side, despite the bear trap below the 3175.70 points support, the CAC40 index did not confirm the previous bullish dynamics and did not even bounce properly. The 3285 points resistance, merged with the 100-day moving average, has contained all bullish attempts; it is now triggering a bearish acceleration. The 3175.70 points support, once again tested, should be broken soon. We are thereforenegative in the short term and we expect a fall of the CAC40 index down to the 3065 points support, a horizontal support level that is also the lowest threshold of the channel.  We set the invalidation level of this bearish strategy slightly above the 3285 points resistance, the former local high.

Close price 3162

2 months Opinion BEARISH
2 weeks Opinion POSITIVE

Resistances 3285 / 3360 pts
Supports 3175 / 3065 pts


Follow-up Analysys: On April 16th this year, we recommended the purchase of Markit-iBoxx $ Treasuries 3-7 index ETFs related. Since then, prices kept rising and our first intermediate target at 194.20 points has already been reached.

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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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