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.
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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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