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CAC erases gains

FXStreet (Mumbai) - After a gap-up opening of more than 1%, the French equity index is inching lower as the concerns of a slowdown in the core Eurozone economies is capping the “risk-on” buying.

CAC now trades a mere 0.33% up at 4181.80, after having hit a high of 4214.30. The banking stocks are down by 0.37%, while the Industrial transportation stocks are down by 0.82%. On the positive note, the software stocks have gained 1.76%. On similar lines, the construction and the consumer goods stocks have gained 1% each.

Technically, the Index is again on its way towards a critical support level of 4148-4150. The fall witnessed in this week has been supported by strong volumes as well.

Cac Technical levels

Cac has a strong support of 4150 (low of 12th Aug, 2014), while the immediate resistance is located at the daily high of 4214. A breach of support level of 4150 shall open doors for 4109 (low of 8th Aug, 2014)

Hungary Trade Balance fell from previous €498M to €269.5M in August

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