We are flat with ##CAC40 | 19 May 2023

 #CAC40 weekly

We are flat with ##CAC40

Technical observation

#CAC40 is pulling back to the resistance zone it established at 5782.7-5689.0 and I expect a possible rejection within the same zone followed by a surge to the upper side. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 7587.1 and stop-loss at 5196.9. If the value of this index rises above the level 7587.1 with a big green candle, wait for a pullback to it before you continue long, however, should there be a clear breach below the zone 5782.7-5689.0, you can expect the value of #CAC40 to plummet towards the supportive level 3951.5 or lower.

Trade recommendation

Wait for a correction to the zone 5782.7-5689.0 to buy #CAC40.

#FTSE100 weekly

We are flat with ##CAC40

Technical observation

The index above rose to the resistance level 8042.1 then bounced at it and currently it is trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 6796.4-6721.7 and I expect a possible bounce within it followed by a rally to the upper side. My advice, remain neutral and wait for a pullback to the zone indicated above the buy a bounce within it with your take profit at 8042.1 and stop-loss at 6372.9, I expect a further surge to the upper side should there be a clear penetration above the level 8042.1, on the other hand, you can expect bearish movements in case of a clear break below the zone 6796.4-6721.7.

Trade recommendation

Remain neutral.

#NIKKEI weekly

We are flat with ##CAC40

Technical observation

 Since it bounced within the resistance zone 25436-25126 the value of the commodity in the chart above has been trading with an increasing bullish bias and this week I expect a further surge to the upper side, if you are already holding bullish position, I recommend you remain in the trade with your take profit at 30800 and stop-loss at 22843. In case of a clear break above the level 30800 with a big green candle, wait for a correction and a rejection at it before you continue long with #NIKKEI, on the other hand, should there be a clear break below the zone I mentioned earlier, you can expect possible bearish movements towards 18999.

Trade recommendation

Remain long with your take profit at 30800.

Imelda Maseno
Analyst of «FreshForex» company
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