French CAC remains unstoppable.

05/08/2021

The French CAC index continues to rise every day, and it pushed to new record highs on Thursday, adding 0.5% on the day and trading at around 6,780 EUR ahead of the US session.

The key support is now at previous highs near 6,680 EUR, and as long as the index trades above it, the medium and long-term trends seem bullish. The index may test this level as it usually happens during important breakouts. 

Therefore, the short-term trend might be neutral as bulls will most likely wait for the mentioned pullback before initiation new long positions.

Another strong demand zone might be near 6,580 EUR. 

Alternatively, it isn't easy to find any resistances since the index has never been here before. Therefore, this month's target could be at the psychological level of 7,000 EUR, which is circa 3.3% above the current price. 

The fundamental situation in the US and EU remains very bullish as central banks continue to pump record amounts of money into the financial markets, which benefits stocks greatly. 
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