CAC 40 Index forecast for the week of October 22, 2012, Technical Analysis

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French stocks did fairly well during the week, gaining a little over 100 points by the end of the Friday session. However, Friday did look a bit suspect and week, so we feel that perhaps a pullback is coming. Simply put, we think this market is in a little bit of consolidation before making its next major move.

With this being said, we do not anticipate long-term traders being available in this market unless one of two conditions are met: either we break above the €3600 level in order to start buying, or we break below the €3350 level to start shorting this market. In the meantime, there will be no long-term trades until one of these two things happen.

 

CAC 40 Index forecast for the week of October 22, 2012, Technical Analysis

CAC 40 Index forecast for the week of October 22, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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