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CAC falls below August lows, trades near February lows

FXStreet (Mumbai) - The French equity index is trading down for the fifth consecutive day, breaking the August 2014 lows. The index is on its way down, threatening to take out the level last seen in February 2014.

The Cac is trading 1.37% lower at 4085, below the August low of 4109 and just a shy away from the Febraury low of 4080.60. All major sector stocks are trading in the red with Automobile and Electronic stocks leading the fall. Meanwhile, the French ten-year bond yield has declined to 1.243 after hitting a high of 1.271 earlier today.

The markets are clearly pricing-in the growth concerns which is evident from a decline in bond yields and stock prices.

Cac Technical levels

The Cac has an immediate support of 4080 (low of 4th Feb, 2014), while the immediate resistance is located at 4100. Prices shall have to break above the August low of 4109, for the bulls to re-enter markets.

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