French Stocks continue their Consolidation

The French stock bourse, the CAC 40, continues to trade in a quiet consolidation pattern. French stocks were slightly higher on the day. International stocks, as a whole, are fairly unchanged so far this week. There is a light economic calendar and the US Thanksgiving Holiday on Thursday which is causing lower trade volumes. The leader of the day was Airbus Group, which rose over 4.4 percent and the biggest loser was Vivendi, which fell over one percent on the day.

French Stock Exchange Technical Analysis

From a technical standpoint, the French stock bourse has been trading relatively quiet for seven straight days now. Stocks are stuck below the pivot at 4,600. There is range support at the November 11 low that lines up at 4,427.41. The first layer of resistance lines up the 4,560.90. This is the November 14th high price points. The French stock exchange should trade within these levels for the remainder of the week.

A bearish breakout below 4,743.40 will see a challenge of the technical support that lines up at 4,340.00. The alternative technical analysis, for today, sees a bullish breakout challenging the channel resistance just under 4,600. A break above this upside barrier challenges he next upside barrier that line up at 4,606.70. Should this happen, we could see a new bullish uptrend in this stock bourse.

David Frank

David Frank

Chief Market Strategist at CupO'Forex
David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.
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