CAC 40 (CAC) 3 Day Up Streak Snapped, in an Uptrend Over Past 14 Days; Evening Star Pattern Appearing on Chart

The Hourly View for CAC

Last Updated January 12, 2021, 02:017 GMT

Currently, CAC 40’s price is down -1.5 (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 downtrend 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

CAC 40 is down 0.78% (44.45) since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. Relative to other instruments in the equity indices asset class, CAC 40 ranked 10th since yesterday in terms of percentage price change. The daily price chart of CAC 40 below illustrates.

CAC

CAC 40 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days. As for those who trade off of candlesticks, we should note that we’re seeing evening star pattern appearing here.