Connect with us

Hi, what are you looking for?

Stock

CAC 40 forecast amid the recent French protests

News that the French government increased the retirement age triggered massive protests nationwide. In light of such protests and given the recent banking crisis in the United States that spread to Switzerland, how did the local stock market perform?

The answer is that it performed very well. A resilient stock market puts everything into a positive perspective, as investors believe in a positive outcome in the end.

That is particularly surprising given the fact that the European Central Bank has increased key interest rates by several percentage points already. So what to expect from the CAC 40, France’s main stock market index, moving forward?

CAC 40 chart by TradingView

CAC 40 on track for a new high

Since late 2020, the French index has been on a bullish movement. It stalled at the end of 2021, when the US dollar began to strengthen, only to find buyers in the 6,000 points area.

After a bullish reversal, the index looks poised to make a new high and climb above 7,500 points. A recent pennant formation confirms the bullish bias, and buyers should keep emerging as long as the price action stays above 6,500 points.

By doing so, the market keeps the higher highs and higher lows series intact, which is a sign of a bullish market in progress.

All in all, European stocks are resilient despite recent negative news (i.e., ECB hiking rates, the war in Ukraine, and fears of a banking crisis). Therefore, the path of least resistance remains the upside.

The post CAC 40 forecast amid the recent French protests appeared first on Invezz.

    You May Also Like

    Stock

    On the surface, index and stock options are very similar. Still, there are some differences that traders should be aware of. Understanding these differences...

    Latest News

    The FBI was not forthcoming with the Trump, Biden and Pence classified documents during a House Intelligence Committee briefing last week, and lawmakers still...

    Editor's Pick

    iBASIS and Sequans have been selected by Actility to meet its delivery schedule for eSIM and iSIM iBASIS and Sequans now considered frontrunners in...

    Economy

    American Airlines is getting rid of its traditional frequent flyer award chart as the carrier moves toward dynamic pricing for mileage redemptions, the latest shift in its lucrative AAdvantage...

    Disclaimer: Richpeoplenetworks.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Richpeoplenetworks.com