(News Bulletin 247) – The American indices ended last week with a bang, notably with the help of the Sox values, that is to say the semiconductor index. Indeed the latter set new records. In addition, the latest macroeconomic data suggests a very healthy US economy, with retail sales well above expectations, unemployment showing no signs of weakness and the latest release of the Michigan Index is near its all-time highs. historical. Investors continue to bet on March for the first rate cut by the US central bank. For Europe, according to Christine Lagarde, we will have to wait until next summer and closely monitor the salary component to decide on a first rate cut. While waiting for the end of the week to see the macroeconomic agenda fill up, we will closely follow the microeconomic news. La Française des Jeux is reportedly in talks to acquire online gaming group Kindred Group for nearly $2.5 billion, the Wall Street Journal reported. Société Générale plans to lay off more than 500 employees in France in the coming weeks, Bloomberg News reported. The group has set itself the objective of making 1.7 billion euros in savings by 2026. If French and American publications will be numerous in the coming days, today in France we are only waiting for the results from Bigben Interactive.
KEY GRAPHIC ELEMENTS
The index should open in a strong bullish gap today and therefore open above its support line at 7400 points. During this session, the index will need to hold both the horizontal support of 7,400 points as well as the ascending 50-period moving average. If these levels are preserved at the close this evening, the Parisian index should quickly resume its 20-period daily moving average upwards and return to the top of its range towards 7,600 points.
FORECAST
Considering the key graphical factors that we have mentioned, our opinion is positive on the CAC 40 index in the short term.
This bullish scenario is valid as long as the CAC 40 index is above support at 7200.00 points.
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