CAC-40 jumps to 12-week high, bias higherEuropean bank stocks cheered the prospect of higher Fed interest rates which should help their profits thereby pulling general indices higher.
Frances CAC-40 index jumped to a 12-week high of 5294, bias higher.
Better-than-expected economic data which included flash Euro-zone PMI prints for September also lent support.
Technical studies support further gains. We see bullish divergence.
The index has shown channel breakout and has breached 100-DMA resistance.
Price action now hovering around 61.8% Fibos at 5293, next bull target 5323 ahead of 5339 and then 5374.
Go long on break above 5293, SL: 5259, TP: 5323/ 5339/ 5374
FRANCE40 trade ideas
CAC40 and other European markets: Excellent short opportunity!Top of the channel reached, bad fundamental data everywhere, US markets overshooting because of Trump, Bearish Gartley Pattern + Head and Shoulders pattern on the DAX (see my previous post), and so on.
It's bearish, with a very high probability.
CAC40: Speculative target of 5218 then SHORT! (August 22, 2017)Everything is on the chart: check the top of the new channel.
Bear in mind: 5175-5180 are the top of the old channel and important Fibonacci levels. If the gap at 5218 is a breakaway gap setting a true bearish trend, then it might not be filled before probably a long (long) time.
Shorting at 5175-5180 is ok for people fearing to miss the move. if it goes above, then wait for 5218. Invalidated it it closes well above too (but it could be a bull trap).
I originally aimed 5292 but it's an Island Reversal Pattern, so it might be never filled as it set the beginning of the downtrend.