Relative to other instruments in the equity indices asset class, cac 40 ranked 12th since the day prior in terms of percentage price change.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
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.
This is the 2nd consecutive hour cac has seen its price head down.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
For additional context, note that price has gone up 9 out of the past 14 days.
This is a reversal of the price action on the previous hour, in which price moved up.
This move is a reversal from the hour prior, which saw price move up.
Relative to other instruments in the equity indices asset class, cac 40 ranked 11th since yesterday in terms of percentage price change.
Price action traders may also wish to note that we see a pin bar candlestick pattern on cac.