CAC 40 (CAC) 2 Day Down Streak Snapped; Price Base in Formation Over Past 30 Days

The Hourly View for CAC

Last Updated February 15, 2021, 23:17 GMT

At the time of this writing, CAC 40’s price is down -1 (-0.02%) from the hour prior. CAC 40 has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CAC 40. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

CAC 40 Daily Price Recap

The choppiness in the recent daily price action of CAC 40 continues; to start today, it came in at a price of 5703.67 US dollars, up 0.6% (33.85) since the day prior. Out of the 14 instruments in the equity indices asset class, CAC 40 ended up ranking 4th for the day in terms of price change relative to the day prior. The daily price chart of CAC 40 below illustrates.

CAC

CAC 40 Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that CAC 40’s price has gone up 17 of the previous 30 trading days.