CAC 40: The backlash of a disappointing Jobs Reports?
The French benchmark fell back into a bearish market amid less than foreseen US jobs reports, which has added up to uncertainties coming from China and from the Fed.
The CAC 40 is on the verge of breaching the 4501, which would cancel the triangle shaped figure. Cutting through this level again today will sure cancel the figure.
The benchmark's daily Pivot Point is around 4545.02. The benchmark's daily support levels are around 4479 and 4431.92. Its daily resistance levels are around 4589.1 and 4655.12.
The patterns show clearly that the trend is bearish. Cutting through 4501 will lead the way to the 4431.92 level with 4479 as a primary level. Breaking 4601 will send it back to test the 4673.96 resistance it failed to break through over the last two weeks. Low volumes due to Labor day in the USA may help reduce volatility.
The CAC 40 is on the verge of breaching the 4501, which would cancel the triangle shaped figure. Cutting through this level again today will sure cancel the figure.
The benchmark's daily Pivot Point is around 4545.02. The benchmark's daily support levels are around 4479 and 4431.92. Its daily resistance levels are around 4589.1 and 4655.12.
The patterns show clearly that the trend is bearish. Cutting through 4501 will lead the way to the 4431.92 level with 4479 as a primary level. Breaking 4601 will send it back to test the 4673.96 resistance it failed to break through over the last two weeks. Low volumes due to Labor day in the USA may help reduce volatility.
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