CAC 40 · sell signal not confirmed, week 6
CAC ETF: fresh 30-day low confirmed at the close, price slips into the weekly Kumo
Our view last week
The CAC, the French CAC 40 ETF, turns lower again after last week's bounce, turned back by the cluster of averages in the 82-83 area. The week leaves two price action facts: the close slips just below the 100-week average, and the 30-day low is reset in the 79 area, confirmed at the close. The late-August Sell Signal still lacks the 6% drop, and technical analysis shows a bearish trade setup with limited thrust, sitting right on the weekly Kumo.
This week's summary
CAC, the CAC 40 ETF, falls for a 2nd straight week and resets its 30-day low in the 77-78 area, confirmed at the close. A week ago it had lost the 100-week average: now it has approached it from below without touching it and slipped inside the weekly Kumo, where the floor held on the touch. In this technical analysis, for price action trading the daily chart shows 3 lower highs, and the trade setup stays on the sell side while industrials and banks lose more than 2%.
Sell signal not confirmed
·review closed on 18 September
·EU-UK Broad indices
·T1
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IQS Phase
63
ordinary
Signal Strength
61
medium
ATH distance
11.83%
KPI 4
0/3
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