CAC 40 IndexUpdated CAC40 - Transition phase
CAC40 has tested the psychological level of 4000. So far it held and using a weekly Ichimoku, we can trace some other levels that could be next targets. In daily Ichimoku and with a bullish pullback as hypothesis, we see the lagging span would need to go through a lot of candles (blue triangle). Lagging span usually tends to avoid such areas so it would rather make the choice of a lateral consolidation between 4000 and 4200. The downtrend is a line to watch as a breakout would indicate an attempt to reach the cloud, but for the moment we are far from the Kijun and this would require a retracement of 200 pts first.
Note
Things are really turning bad for European indexes. 4000 did not hold, along DAX being extremely bearish...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.