CAC closes higher for the 2nd day in a row
CAC 40 Index (CAC) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, CAC finished the week 0.99% higher at 5429.20 after gaining €23.30 (0.43%) today. Trading up to €9.87 lower after the open, CAC 40 Index managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 5406.48, the stock index confirms its breakout through the previous session's high having traded €33.08 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was €21.39 (0.39%), that's far below last trading month's daily average range of €55.40. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 5405.36.
The index shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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