September 2, 2010

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CAC 40

By:

CFDtrading.com

2010-19-01 08:36:27 GMT

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CAC 40
Long-term Technical Outlook

The CAC 40 is testing a resistance line (drawn off of highs in 2007) this week. Exceeding this line would shift focus to the 50% retracement at 4317. The rally from the March low is in 5 waves (not labeled) and is therefore the first wave in a larger multiyear correction.

Short-Term Technical Outlook

01182010 cacAs with its German counterpart, the CAC has broken below rising trend line support and is being guided lower by a falling channel. A bounce from the channel bottom has stalled below support-turned-resistance at 3979.15, with renewed selling to target 3933.91.

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