CAC 40 - watch this Pause Before to go Long

EagleFX Team EagleFX

The French index CAC 40, in its 4-hour chart, consolidates the latest upward impulsive movement that is developing since December 03, from the 5,696.20 pts zone. The price action shows the French index inside an ascending channel that could lead to CAC 40 to visit fresh highs.

A retracement could allow us to take a position in the direction of the long-term bullish trend. The CAC 40 index could react upward in the zone of the 5,946.25 points.

Once the trade triggers, the French index could lead us to see the 6011.25 points as the first bullish target.

If the price gains momentum and extends its bullish movement, CAC 40 could reach 6,070.50 points and even to soars up to 6,140.50 points. This last profit target level coincides with the upper line of the mid-term upward channel.

The bullish scenario will be invalid if the French index price plummets below 5,864.50 points.

Trading Plan Summary

Entry Level: 5,946.25 pts.

Protective Stop: 5,864.50 pts.

1st Profit Target: 6,011.25 pts.

2nd Profit Target: 6,070.50 pts.

3rd Profit Target: 6,140.50 pts.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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