CAC40: Blueprints 3
Actualizado
The CAC40 managed to close the bullish gap of the 23rd of October. It was also able to breakout the Major Support Zone, which consisted of the Gap, the benchmark's EMAs and the 4850.17 support level. The environment is still the same, with a high probability that the ECB's Mario Draghi would make a step further towards a more expansive monetary policy, increasing, as well, the chances of an interest rate cut. An intervention from the ECB will trigger a bullish market. Until then, the market's movement will remain mitigated.
The French benchmark will find support around 4721.8, with 4759.7 as a primary objective. The 4721.8 level is also a major support zone, which consists of the zone between 4721.8 and 4673.96. The benchmark struggled in breaking out those levels, as they were tested several times before the rally of October.
On the other hand, an inversion will send it back to 4936.87 with 4891.01 as a primary objective, should the benchmark breakout 4860.53.
The daily Pivot Point is around 4810.27. The daily support levels are around 4760.01 and 4712.07. The daily resistance levels are 4858.21 and 4908.47.
The French benchmark will find support around 4721.8, with 4759.7 as a primary objective. The 4721.8 level is also a major support zone, which consists of the zone between 4721.8 and 4673.96. The benchmark struggled in breaking out those levels, as they were tested several times before the rally of October.
On the other hand, an inversion will send it back to 4936.87 with 4891.01 as a primary objective, should the benchmark breakout 4860.53.
The daily Pivot Point is around 4810.27. The daily support levels are around 4760.01 and 4712.07. The daily resistance levels are 4858.21 and 4908.47.
Nota
First of all, all my thoughts goes to the families of the victims of the Terrorist attack that led to the death of many innocent people, may their souls rest in peace!The Cac40 is re-visiting 4936.87, as it has closed at 4937.31. The French benchmark should breakout 5004.8 to reject the undergoing Head&Shoulders figure. By doing so, its next objective will be 5048.56.
Failing to breakout 5004.8 will increase the threat of a Head&Shoulders.
The daily Pivot Point is around 4905.12. The daily support levels are around 4872.93 and 4808.56. The daily resistance levels are around 4969.49 and 5001.68.
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