CAC 40: inter-Market Analysis

[InterMarket-Analysis]

CAC 40 remains under pressure ever since the DAX 30 confirmed a pivot top on weekly chart. The bearish engulfing candle from the 3rd April remain in control with bearish H&S formation confirmed by the right shoulder holding Fib 61$ on the 60 mins chart.

Geo political concerns arose overnight with North Korea test firing a missile again leading to a firm reprimand by the White house claiming a military strike is on the table.

60 mins has H&S formation in play

Daily chart has bear flag in play

Game plan: looking for the H&S target to be hit down to 5075.

 

[InterMarket-Analysis]

CAC 40 remains under pressure given French election uncertainty in the first round this Sunday given its a 4 way race . The hope is Macron comes through with a strong majority in order to give him more credibility in the second round . The daily chart has H&S formation in play with the right shoulder holding Fib 75% resistance.

The unfilled gap at 4860 could come into play on Sunday night? Watch out below....