CAC finds buyers at key support level

CAC 40 Index (CAC) Technical Analysis Report for Sep 14, 2018

Highlights

CAC closes below its opening price unable to hold early session gains
CAC finds buyers at key support level
CAC runs into sellers again around 5362.20
CAC rises to highest close since September 3rd
CAC closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bearish
Technical Forecast:

Overview

CAC ended the week 1.91% higher at 5352.57 after gaining €24.45 (0.46%) today. Today's closing price of 5352.57 marks the highest close since September 3rd. Trading €8.62 higher after the open, the index was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CAC

Volatility

Friday's trading range was €23.95 (0.45%), that's far below last trading month's daily average range of €43.54. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After trading as low as 5338.25 during the day, the stock index bounced off the key support level at 5349.48. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 5385.19. After having been unable to move above 5366.34 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 5362.20.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 5366.34 where further buy stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for CAC 40 Index

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