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CAC 40 still waiting for answers
As just noted in the previous update looking at the opening outlook for the FTSE 100 this morning, the CAC 40 closed lower on Friday. The index handed back 79 points on Friday, closing the week at 7,352. That close was also below a technical support level, at 7,361. After that weekly close the CAC futures fell back and it was priced to reopen today to as low as 7,315. It has just now reopened and kicked off above that earlier implied low. Irrespective of that, the outlook remains highly uncertain until a the political impasse in France is resolved. The index continues to grind its way back towards the August 5 lows and it remains to be seen, if it can manage to not retest the low seen back then, at 7,029. Ahead of that, the next support level of note is in place 7,283. The CAC is just now trading back above 7,380 in the first few minutes of live trade
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