French stocks respect moving averages

Source: Dukascopy Bank SA


During August, the French stock index hit the combined resistance of the 6,600.00 level and the 200-day simple moving average. the Resistance was enough to cause a decline, which reached the 6,000.00 mark. The round price level acted as support and has caused a minor recovery. On September 9, the index was approaching the 50-day simple moving average near 6,250.00.

A move above the 50-day SMA might once again test the resistance of the 200-day simple moving average. Note that the SMA was approaching the 6,500.00 level. Higher above, the 6,600.00 level might stop a surge, before the pair reaches the 6,710.00/6,840.00 zone.

However, a resumption of the broader decline would have to pass below the 6,000.00 level, before the 2022 low levels are reached at 5,700.00/5,790.00.
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