CAC continues to climb to record highs

08/06/2021

It looks like the CAC index is not slowing, and it was up another 0.3% on Tuesday, trading at fresh all-time highs at around 6,570 EUR.

The uptrend channel is pretty obvious here, with the index most likely rising toward the upper bound of the channel again. Therefore, the current bullish wave target is around 6,780 EUR, but moving higher every day. 

Alternatively, the support seems to be at the 8-day EMA, at the moment at 6,500 EUR; the next defense should be expected at the 21-day EMA, at around 6,430 EUR.

Finally, the key support is at the uptrend line near 6,400 EUR. As long as the index remains in this channel, the long, medium, and short-term outlooks seem bullish.

EU indices are rising despite stronger euro, which is rather unusual. But, on the other hand, central banks are printing like there is no tomorrow. Thus old-time correlations don't apply nowadays. 
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