CAC40: Caught up in a tunnel...
An increase in volumes is expected as the US markets will reopen after a long 3 days weekend due to Labor Day. The French benchmark showed indecisiveness yesterday as it is moving in a Tunnel ranged from 4501 to 4673.96. The first represents the invalidation level of the triangle figure and the second is the critical resistance it has failed to breakthrough.
The benchmark will head towards 4400.8 should it cut through both 4524.99 and 4501. If it breached 4587.59 it will have 4673.9 as an primary objective, and 4846.92 as the tunnel's upper objective.
The benchmark's daily Pivot Point's around 4554.07. An eventual opening above that level, suggest a bullish daily trend, otherwise it will be bearish. The CAC40's daily support levels are around 4520.55 and 4491.47. Its daily resistance levels are around 4583.15 and 4616.67.tradingview.com/x/rtr868P1/
The benchmark will head towards 4400.8 should it cut through both 4524.99 and 4501. If it breached 4587.59 it will have 4673.9 as an primary objective, and 4846.92 as the tunnel's upper objective.
The benchmark's daily Pivot Point's around 4554.07. An eventual opening above that level, suggest a bullish daily trend, otherwise it will be bearish. The CAC40's daily support levels are around 4520.55 and 4491.47. Its daily resistance levels are around 4583.15 and 4616.67.tradingview.com/x/rtr868P1/
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