It looks like the CAC index is not slowing, and it was up another 0.3% on Tuesday, trading at fresh all-time highs at around 6,570 EUR.

The uptrend channel is pretty obvious here, with the index most likely rising toward the upper bound of the channel again. Therefore, the current bullish wave target is around 6,780 EUR, but moving higher every day. 

Alternatively, the support seems to be at the 8-day EMA, at the moment at 6,500 EUR; the next defense should be expected at the 21-day EMA, at around 6,430 EUR.

Finally, the key support is at the uptrend line near 6,400 EUR. As long as the index remains in this channel, the long, medium, and short-term outlooks seem bullish.

EU indices are rising despite stronger euro, which is rather unusual. But, on the other hand, central banks are printing like there is no tomorrow. Thus old-time correlations don’t apply nowadays. 

Source: https://www.axiory.com/technical-analysis/cac-continues-to-climb-to-record-highs

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Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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