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CAC 40: Murray analysis 19 July 2017, 14:36


Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 5135.0
Take Profit 5078.0, 5000.0
Stop Loss 5185.0
Key Levels 5000.0, 5078.0, 5156.3, 5234.4, 5312.5, 5390.6
Alternative scenario
Recommendation BUY STOP
Entry Point 5235.0
Take Profit 5312.5, 5390.6
Stop Loss 5200.0
Key Levels 5000.0, 5078.0, 5156.3, 5234.4, 5312.5, 5390.6
On the daily chart the price is tending to the level of 5156.3 [2/8] (Pivot, Reverse), below which it couldn’t consolidate last month. The new test can be successful, as Stochastic has reversed downwards, and the price has fallen below all the EMA. If the price is set below the level of 5156.3, the next targets can be 5078.0 [1/8] (Weak, Stall and Reverse) and 5000.0 [0/8] (Main Support). Otherwise the 4-5-days consolidation of the price and its return within the ranges of the sideways channel of 5234.4 [3/8]–5390.6 [5/8] is possible. It can stay in the channel for the significant period. However, this scenario seems less possible than the development of the slight fall.
Support and resistance
Support levels: 5156.3 ([2/8] Pivot, Reverse), 5078.0 ([1/8] Weak, Stall and Reverse), 5000.0 ([0/8] Main Support).
Resistance levels: 5234.4 ([3/8] Bottom of Trading Range), 5312.5 ([4/8] Major Support/Resistance), 5390.6 ([5/8] Top of Trading Range).

Trading tips
Short positions will become relevant after the consolidation of the price below the level of 5156.3 with the targets at 5078.0, 5000.0 and stop loss at 5185.0.
Long positions can be opened above the level of 5234.4 or after the rebound from the level of 5156.3 with the targets at 5312.5, 5390.6 and stop loss 5200.0 and 5120.0 correspondingly.
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