Yesterday the index broke through it's 50 day EMA, however because of independence day it opened lower this morning, so it will be interesting to see how index will open next Monday to see if the CAC has really broken through the resistance.
If so I'm going long, and I will target 4550.
Please share your opinion in the comment section.
Weekly chart looks bearish, but came very close to the Wave.
Daily chart looks bullish.
Hourly chart looks extra bullish.
Double bottom with false breakout and bullish divergence. If price will close over 4470, then the daily will start looking extra bullish too so no need to close out the position. Current hour didn't end and I hope that the current long candle...
I hate to start by saying, "as foreseen in my previous studies....."
So for those who are familiar with my daily studies and forecast, here is a little update.
CAC is clearly oversold. Therefore we may see a little upward jump but this should not exceed 4510-4515. My Thought is that we may be at around 4480 before the correction continues. Targets are...
European indexes ended the week lower first time for the last two months — something to take notice. French index CAC40 was the worst performer, broke its accelerated trend line and closed below 8 EMA. It will be healthy to see some type of consolidation after the big move up with a potential intermidiate target at 4,264 where 50 EMA is situated. But first it...
CAC40 is facing a little correction. It is not a reversal of trend but just a natural correction.
Lagging span is crossing the price, Tenkan Kijun twist has been achieved and needs to be confirmed. The twist has been made outside the Kumo cloud which means that the momentum may be relatively sharp on the down side. But on the long run, CAC is still on the...
With cheap money on the market, a possible European QE, low interest rate, CAC has still a good perspective. Nevertheless, the index has finaly entered to a correction phase....
CAC has started to initiate the technical correction I have forseen for the last weeks. The process has been slow because of ECB's intervention, the expectation raised before and the political situation in France.
Indicators show clearly that we are in an overbought level and the correction process has started.
Fibo retracement could be used as target and...
CAC had a very classical pattern from a raising channel to correction. This has occured at least three times for the last 18 month. When CAC cannot enter into a raising channel because of lack of momentum, or hesitation from the market, it enter into a trading range channel where you buy at around 4400 and sell at around 4500.
But since the ECB expectation and...
ECB President was very clear. There is yet no sign of growth in Europe and worst, a risk of deflation. Refi interest rate has been lowered, and even on the deposit rate, ECB decided to go to a negative rate, like BoJ did in the past.
One can think that money withdrawn from the saving accounts would go on the market, but the market is very week, with no growth...
CAC40's was on an excessive level. Above 4506, it is a very illusive and excessive level as far as I am concerned. YOu can clearly see on my previous studies that my headline goal was 4506. I could have reviewed this level if ECB was clearly announcing a European QE which will not yet be the case.
Having said that, on a purely technical aspect, the index may face...
We came at the very limit of what CAC40 can reach. Above 4506, there is no technical, macro economics, micro economic or market justification.
Having said that, of course, at the end of the day, it is the difference of weight between buyers and sellers.
So far, it appears that buyers are at majority in the market. However, if Bears pull the trigger, it's going...
As forseen, ECB announced that a European QE is not yet on the agenda of the European Central Bank. Frankfurt is more concerned about their inflation target and they may soon move with a step regarding the interest rate.
There is nothing to fuel the market . So a correction may be forseen and seems very realistic.
Bellow 4475, the market would go towards 4350 and bellow.
Baring in mind the outcome of EP elections where the present government party PS became only at the third after the Franch extreme right FN and the main opposition party UMP, will the CAC40survive the political fight or not?
CAC40 had a great mechanical growth based on QE3 and the reform made by CAC40 companies.
My headline goal was 4506 and we did arrived to that level.
The market is trying hard to go above 45XX but without any succes. If the attempt was starting when CAC40 is at around 4400 and the W%R at the limit of oversold such as betwwen -80 to -60, then ,there would be an...
Crucial times are very close now. Will wait for the closing. If the $CAC close above his support and Fibo 23.6%, we could play the upside move to 4514pts. If it close below I'll short the $CAC. My 1st target will be 4345pts.
