French Stocks Bounce Higher from Daily Lows

The headline bourse in France, the CAC 40, traded down yesterday. The major gainers in France, Wednesday, were Kering (up 7.75 percent), Airbus Group (+3.7 percent) and Nokia which rose over three percent. The largest losers were Cap Gemini, which lost over seven percent and Unibail-Rodamco which was down over three percent.

French CAC 40 Technical Analysis

For today’s technical analysis on the French stock exchange, please refer the above daily MT 4 chart.

Should this stock bourse continue trade below the previous daily support level at 4,570, this would indicate that the advance higher on Friday was a false breakout. Should the CAC push lower then traders would reopen the doors to retest 4,404. However, should the French stock exchange find support today, then we would see another rebound higher.

Looking at intraday levels, there is support at a key pivot at 4,505. Right now this level is holding. A move higher notes technical resistance at 4,562. A break above this first upside barrier challenges the next resistance level that lines up at 4,590. A break above this bullish breakout area would be significant as it would be above the breakout from last Monday.

The alternative technical analysis, notes the first support level at 4,519.75. A daily close blow this fist technical level signals a return of the bearish momentum and a new challenge of the daily low lining up at 4,497.