French Stocks Lower Cac 40 Index Technical analysis. After the cautious Fed minutes release and Barcelona Van terror attack french stocks went lower. Cac 40 Index technical analysis for short term.
Fed Minutes Release:
Fed Reserve releases its July FOMC officials minutes.In the minutes the Federal Reserve officials were divided. As some concerned about lower inflation and some concerned about balance sheet wind up. So it created some negative on the stock markets across the world.
Barcelona Terror Attack:
The markets remained on edge a van crashed in Barcelona .Which killed lives of at least 30 people Who are Tourists and Residents. Catalan’s police will treat the van crash as a terror attack.
French Stocks Lowe
r Cac 40 Index Technical analysis:
France stocks are lower after the close on Thursday, as losses in the Financials, Oil&Gas, and Basic Materials sectors led shares lower. Best performer on the session is Veolia Environment up 1%. The worst performer on Cac 40 index is Societe Genelale which fell 2.32%.
The Cac 40 index is trading in an perfect channel path. Earlier it had a Gap support at the level of 5048. If it holds expect a nice channel breakout and a good rally on the upside. If it fails to hold the support expect a fresh round of sell off in markets. As of now Sell the channel resistance and buy the channel support.