France CAC-40 technical outlook for September 9, 2014

France’s CAC-40 index was rejected at the psychologically important 4.500 level yesterday. The market is still on a clear uptrend though, so working out the “overbought” conditions created in the last weeks is very positive. Only a break of the August high @ 4.400 (also trendline support of the move up from 4.100) would deteriorate the technical picture. Upside target remains 4.600, which is the high back from May.

CAC-40, daily chart:

CAC40_Daily_20140909

Chart courtesy of investing.com. http://investing.com

RECEIVE MY TRADING REPORT, FREE OF CHARGE, TWICE A DAY, FOR 2 WEEKS, BY SENDING AN E-MAIL AT: THETRADINGSTRATEGIST@YAHOO.COM !!!

Please read the Disclaimer!