French stocks break resistance line

Source: Dukascopy Bank SA


Since the last review of top 40 French stock index review done in mid-April, the index has bounced off the trend line, which connected 2022 lower and lower high levels, and reached the support zone at 5,700.00/5,800.00. The support zone was enough to cause a broad surge that eventually broke the declining trend line.

The breaking of the resistance line has been followed by a major surge. The surge could soon encounter resistance in the combination of the 6,600.00 level and the 200-day simple moving average. Higher above, note the 6,710.00/6,840.00 range, which has acted as support and resistance since September 2021. Only if this range is passed, the France 40 stock index could approach the 2021 and 2022 high levels above 7,200.00.

On the other hand, a resumption of the global stock decline is set to result on the French stock chart in a looking for support in the combination of the 6,200.00 level and the 50-day simple moving average, before approaching the 5,700.00/5,790.00 zone.
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