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CAC declines from a technical resistance

FXStreet (Mumbai) - The French equity index declined after having failed to sustain above the 5-day moving average level of 4088.

The Cac is trading 0.70% lower at 4059.80, in line with its European peers. The index had briefly rose above 4088 levels, to hit a high of 4096. However, the index faced rejection at the 5-day average level post which prices slumped to a day’s low of 4041.30.

The Index details indicate that the fall has been led by Oil and Gas stocks which have declined by 0.5%. Utlities, Automobile and Banking stocks have shed 1%, 0.85%, and 0.77% respectively. Lending some support to the index are the food producers which are up by 2.98%.

Cac Technical levels

The Cac has an immediate resistance of 4088-4096 levels, above which the index can re-test 4109 levels (Aug 8 lows). On the flip side, the Cac can re-test 4012 levels if the day’s low of 4041 is taken out.

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