CAC 40 correction extends to meet first minor objective

Yesterday the CAC 40 managed to forge out a higher close. The French index once again led the gains here in Europe in what looks like a further corrective rebound to the heady falls over the past week and more. The index ended the session with a gain of 0.76%.That compared to a gain of 0.60% for the FTSE 100 and 0.35% for the DAX. The CAC 40 closed 57 points higher, at 7,628. If we take the recent fall, from the record high at 8,259 to the most recent low at 7,464, we can plot some potential rebound objectives. The first of those is at 7,652 and that is a level what was met yesterday, when the index reached a high at 7,654. If that proves insufficient, then the next level in this respect is at 7,768. That price point represents a 38.2% rebound from that almost 800 point fall. The CAC futures CAC futures are a little lower this moning ahead of the opening shortly, currently pricing that at around 7,615