CAC ends the day on a bullish note closing near the high of the day


CAC 40 Index (CAC) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
CAC rallies 0.98% closing €54.38 higher
CAC dominated by bulls lifting the market higher throughout the day
CAC closes higher for the 3rd day in a row
CAC ends the day on a bullish note closing near the high of the day
CAC pushes through previous session high
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, CAC ended Thursday at 5621.92 surging €54.38 (0.98%). This is the biggest single day gain in over a month. Today's closing price of 5621.92 marks the highest close since December 28, 2007. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 5570.96, CAC 40 Index confirms its breakout through the previous session's high having traded €50.96 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for CAC
Volatility

Thursday's trading range was €51.88 (0.93%), that's far above last trading month's daily average range of €34.51. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.

Trend

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

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for CAC 40 Index
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
Hammer TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CAC closes within prior day's range

Aug 17, 2018
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