In view of Micaella Feldstein, analyst at Natixis, the daily indicators have turned around for CAC 40 FUT and the daily volatility tends to increase, which could suggest a new deterioration in the daily technical pattern.
Key Quotes
“Besides, bearish parallels are still intact in the weekly chart, revealing strong downside pressures.”
“Caution will be in order as the contract can clear the 4750-4755 thresholds (50% Fibonacci retracement of the upside wave Feb 16- dec 18) and push lower to major supports at 4723-4730 (daily Bollinger lower band). Note that a drop below these last levels would unleash added downside potential to 4582-4600 (Fibonacci extensions).”
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