CAC 40 Forecast October 16, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The exchange in Paris had a very quiet session, as it rose in order to test the 3450 level. French stocks look to be consolidating at this point time, but one thing that has caught our notices that we could possibly be forming some type of head and shoulders. We believe that the 3350 level would be the neckline, and of course if we do give way, we could see a drop down to the 3100 level.

If we get above the highs from last week, we think this market will go to the 3500 level, and probably farther. The 3600 level looks to be resistive at this point time, so of course a move above that lofty level would make is very bullish French stocks for the longer-term.

 

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