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