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CAC 40 - French Index -- Baguettes soon on offer?
CAC 40 Index
CAC 40 is a French benchmark index of the 40 leading French stock companies traded on the Paris Stock Exchange. CAC stands for Cotation Assistée en Continu. Perhaps an index that is not very popular or traded - but as a trader I focus on the simple opportunities. That could be the case in the CAC 40 at the moment. Due to the expected weak seasonality over the summer months, this index is also at risk and could move into a more significant correction.
Chart technical outlook
The index has recently been trading in a range between 8270 and 7920 points. If the massive support at the lower edge of the range falls, I expect a correction to the range of 7680 to 7590 points.
The liquidity zone of 8050 points has already had an effect today. The sellers are back. If the index falls below 7920 points in the next few days, a short position is certainly a good option. I expect an initial stabilization at the former record high of 7670 points. The CRV would be attractive for such a short position. I am therefore watching the index very closely.
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