Three targets in the CAC40 rebound
The French index has continued to rally since January. Our chartist plots the key trends.
16th April 2019 10:13
by Alistair Strang from interactive investor
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The French index has continued to rally since January. Our chartist plots the key trends.
The CAC40 has been showing some signs of becoming quite interesting. We've designated 5,555 as a trigger level if it intends to provide a convincing recovery.
Movement above this point looks capable of achieving a fairly tame initial 5,588 points, along with some hesitation. Our secondary calculation is a bit more encouraging, calculating at 5,731 points.
This, visually, provokes a bigger high and allows us to calculate a third (and major) target level if the secondary is bettered. Essentially, it appears 5,882 points shall provide a level where some serious hesitation can be anticipated.
If trouble is coming, the index requires below 5,411 presently. This allows reversal to an initial 5,353 points. If broken, the secondary is at 5,233, a point where the visuals indicate a bounce can be expected.
Source: TradingView Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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