CAC 40: Nice resistance to temptation for profits

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With this time the support of Air Liquid (+3.25%), the CAC 40 managed to stay in the green on Friday (+0.39% to 8,154 points), at around a hundred points of its historical heights. Main facts to be remembered to start the week: the pronounced fold of American tech on Friday (-2.20% for the Nasdaq Composite), as well as the victory of the conservatives in the German legislative elections, elections marked by a record of the extreme- RIGHT.

On the values ​​side, Air Liquide won 3.25% after announcing wanting to increase its current operating margin by 2 percentage points in 2025-2026. Conversely, Airbus dropped 3.1%, penalized by Jefferies who lowered his advice to “keep” against “buy” previously. Excluding CAC 40, GTT displays the highest increase in the SBF 120 index. The membranes specialist for the transport of liquefied gases jumped 15.9% after having delivered highlights up for 2024 and a forecast of Gross operating result clearly above expectations for 2025. Alten is not to be outdone and signed an increase of 10.40%, the markets appreciated the resilience of the company in the year 2024.

In the statistical chapter, the very first estimates of activity barometers in the euro zone emerged under the expectations for services (50.7) and above for industry (47.3). In addition to the Atlantic, consumers’ morale has significantly deteriorated in February. The confidence index of the University of Michigan clearly bent at 64.7 this month, against 71.7 in January. In addition, the composite PMI index, which brings together manufacturing production and services, emerged at 50.4, after 52.7 points in January, bringing it closer to the 50 -point threshold, which marks the border between an expansion and a contraction of the activity.

On the other side of the Atlantic, the main shares on shares fell on Friday, like the Dow Jones (-1.69%) but especially the Nasdaq Composite (-2.20%). The S & P500, a reference barometer of appetite for the risk in the eyes of fund managers, contracted 1.71% to 6,013 points, in a psychological course support area.

A point on the other asset classes at risk: around 8:00 am this morning on the exchange market, the single currency was treated at a level close to $ 1,0,500. The barrel of WTI, one of the barometers of appetite for the risk on the financial markets, was exchanged around $ 70.20.

At the macroeconomic agenda this Monday, to follow the final data for consumer prices in January in January in the euro zone at 11:00 am.

Key graphics elements

We attended a major technical and graphic fact Thursday January 16 with crossing on Gap then extension in session, from the pivot threshold of the 7,500 points, which finds its support attributes. The current work base therefore becomes a band between 7,500 and 7,690 points, in which a certain form of volatility is far from excluded.

This crossing was immediately followed by a new GAP (less ample) and a bullish extension in session, with the participation of many sectors, marking the assertion of the buyer camp.

A first manifestation of a need for courses breathing was illustrated on Wednesday with a high shadow on the candle, on a level close to the 7,800 points, the first palpable obstacle since the rush crossing of 7,465/7,500 points. Between 7,900 and 8,000 points, the flagship index comes into a very short -term over -rascal zone, premises a consolidation entry.

The index just flirted with the 8,000 symbolic points on Friday 24 and 31/01 and reflected on Monday 27/01 and 03/02. Both doji Indecision traced at the heart of the week are a marker of a wait -and -see attitude, and therefore of a precarious balance, at the start of consolidation. This balance was broken from the beginning of February, by a large -scale gap.

The 8,000 symbolic points were crossed in week 7 with confirmation in “Hebdo” data. Since then, the lessons have hesitated between the 8,000 points and the historic records at 8,260 points.

FORECAST

In view of the key graphic factors that we have identified, our opinion is neutral on the CAC 40 index in the short term.

We will take care to note that a crossing of the 8260.00 points would revive the tension to the purchase. While a break in the 8000.00 points would relaunch the sales pressure.

Hourly data graphics

Daily data graphics