FRA 40 builds one of the most potent trading pattern
The French Stock Market Index is currently trading sideways between 7457 and 7750, forming a rectangle pattern, a reliable chart pattern for traders. A break above the upper limit at 7750 suggests a potential price increase of about 3.73%, reaching 8042. This target is calculated by taking the difference between the rectangle's minimum and high points. Conversely, a break below the lower end of this range could see the index dip to 7159.
It's important to note that the overall market is in a bullish trend, with the January 2024 low around 7284 providing additional support. While a bearish break could drive the market lower, influenced by recent corrections in US stock market indices, the prevailing bullish bias means investors are generally inclined to buy rather than aggressively short on bearish breakouts, unless recession fears loom.
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
It's important to note that the overall market is in a bullish trend, with the January 2024 low around 7284 providing additional support. While a bearish break could drive the market lower, influenced by recent corrections in US stock market indices, the prevailing bullish bias means investors are generally inclined to buy rather than aggressively short on bearish breakouts, unless recession fears loom.
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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