CAC 40 – False Break @ Multi-Year Support (Weekly chart)

Chris Capre 2ndskiesforex

Price Action Context

Many global indices have been climbing steadily this year, and the French index is no exception, with 7 out of the 8 last weekly closes being bullish. The index has now clearly broken and closed back above the multi-year support, leaving a false break in its trail, suggesting that a move up towards 5 500 is likely if this multi-year S/R zone (now support) holds.

Trending Analysis

LT bias changed back to bullish and bulls can look for potential trading locations on weak pullbacks into the key support.

Key Support & Resistance Zones

R: 5 500 – 5 660
S: 4 900 – 5 070

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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